Financial Considerations in a Divorce
The financial aspects of a divorce often add to the emotional strain for both parties. When most people think of the financial issues in divorce, alimony and child support come to mind. This makes sense because children are often involved. But other questions about income, debt, and existing assets also arise. Assets that individuals acquired during the marriage often cause conflicts.
Investments
Florida is an equitable distribution state, which means income and assets have to be divided fairly, not always equally. If there are limited investment assets involved and both parties seem to agree on other terms of the divorce settlement, then an Uncontested Divorce Tampa might be a good option. Otherwise, the couple will have to go through a contested divorce proceeding.
Earnings
While investments tend to be more complicated, the issue of income during the marriage can raise a couple of problems. The main issue couples encounter is with support, both alimony and child support. If one partner earns substantially more money, this can affect alimony and child support obligations.
Property
While income can be a source of conflict, dividing up property may cause almost as much stress and introduce a great deal of complexity. As a “common law” state, diving up real estate, precious metals, collectibles, and vehicles may be easier than in community property states where most forms of property and owned in common by the couple.
Debt
During many divorces, the issue of debt comes up. If the couple took out a mortgage or leased a luxury vehicle together, who pays for what? Cosigned student loans for family members may become an issue, as well as any other loans the couple took on.
Retaining an experienced attorney for a divorce lawyer can make things much easier. You can also minimize the risk of making an expensive mistake or giving up financial
