There may be a lot of squabbling and fighting among couples who are heading for divorce. But, when it comes to divorce and property division in Florida, does anyone ever really win? It doesn't matter what a couple's net worth may be -- one partner will always believe the other made out like a bandit while he or she got a raw deal. The fact is that divorce can make the financial picture far more clear than it may have been within the marriage, and splitting everything, especially when there is a lot at stake, can take some getting used to on both sides.
Regret can be a big player in a marital split. Making the decision to divorce is never an easy one as it affects not only the couple, but their children and even extended family members and friends. High-net worth couples in Florida may find it even harder to make decisions regarding ending their marriages since so much is on the line financially. The pros and cons must be weighed carefully.
Divorce and its aftermath can be difficult for women, in particular those who, despite decades of evolving gender roles, have allowed their husbands to handle the financial decisions throughout their marriages. In fact, one report noted that 56 percent of married women allow their spouses to do the financial planning and investing. This often results in complications when those marriages end after decades and the women are left trying to rebuild their wealth. Moreover, a Florida spouse who leaves the bulk of the financial burden to her partner may find some unexpected surprises during property division.
While it is likely that both Florida spouses can be aware that they are in an unhappy marriage, it is not always clear to both spouses that divorce is inevitable. When one spouse reaches the decision to end the marriage, there is one important task to complete before moving on to custody discussions, property division and other legal particulars. That task is for one spouse to tell the other that he or she wants a divorce.
The end of a marriage often means the beginning of a long process of negotiations. For high net-worth couples in Florida, this may involve finding creative ways to effectively divide martial assets and keep the details of their settlement as private as possible. Those whose wealth includes a level of notoriety may have difficulty maintaining their privacy. However, one celebrity couple has decided to involve the public in their divorce in a practical way.
As if divorce was not hard enough, now Florida couples have to contend with new alimony laws that may turn the proceedings upside down. Alimony was once a useful tool for negotiating property division and for providing a lesser-earning spouse with some stability in the early years after the divorce. However, the new law removes the incentive for negotiation and may create a rush to court for many couples who have been postponing their divorces.
While going through a divorce, the process may consume a person's thoughts. There is much to consider and plan, including child custody issues and property division. However, one factor many in Florida may neglect to consider is the how the divorce will affect their health insurance coverage. While health insurance is not considered an asset to be divided, some may mistakenly think they can continue on their spouses' policies, and this may leave them dangerously unprotected.
When couples with ties to show business fail to sign prenuptial agreements, few are surprised if the couples end up facing tumultuous divorces. Pre and postnuptial agreements allow high net worth couples to settle matters more easily because many issues are already covered in the written agreement. For one power couple who seems to be heading toward a divorce, the terms of a postnuptial agreement may be only a starting point.
When children are told they have to share the last piece of cake, even at a young age, they understand the importance of getting their fair share. There may be countless times in life when someone watches assets divided in front of them and may have to fight to get what is due. At no other time does equitable property division become as important as when two people are going through a divorce. The largest, most difficult asset to divide is often the family home.
Divorce is often a matter of careful negotiation. A Florida couple may find that coming to agreements quickly on matters like child custody and property division may allow them to move forward with their new lives. For some spouses, especially those with low incomes or who spent their marriages out of the workforce to care for children, alimony is an especially important part of divorce negotiations. However, new tax proposals currently under consideration in the U.S. Congress may complicate negotiations for many couples.