Divorce can be financially devastating to people but there are things they can do to protect their futures.
Going through a divorce in Sarasota is not only emotionally and mentally taxing, it can financially ruin people if they are not careful. If a couple currently lives off of two incomes, the spouses will need to learn how to live with less money. When one spouse is the sole provider, the other spouse may need to request alimony to provide financial help as the person tries to reenter the job market or build new job skills.
Additionally, any disputes that rise between people and your ex will only raise the legal costs associated with getting a divorce. The existence of children can also create a financial challenge, especially if the other parent refuses to pay child support. However, there are ways that people can financially survive a divorce.
Dividing property and taxes
According to the 2015 Florida Statutes, property owned by a married couple is subject to equitable division in the event of a divorce. Unlike community property laws, which essentially splits a couple’s property down the middle, equitable division takes other circumstances into consideration when property is divided. These circumstances include the following:
- The health condition of both spouses
- How long the marriage lasted
- The education and job skills of the spouses
- Whether a spouse took care of the children and household to enable the other spouse to pursue a career
- The use of the marital assets two years before the filing for divorce or directly after
- Using the marital home for the children
When dividing marital property, people should also consider the expenses involved with taking care of that property. For example, the spouse who receives the family home will need to take into account the maintenance costs, property taxes and emergency repairs. Taxes are also another concern to keep in mind. According to the Journal of Accountancy, if the transfer of property is not handled correctly, people risk getting hit with a property gains tax. An example of this would be the transferring of asset ownership after the divorce decree.
Keep disputes to a minimum
Emotions can do strange things to a couple. Someone who was reasonable and easygoing during the marriage can suddenly become unyielding and uncooperative during the divorce. These emotions can influence people’s choices and lead to unnecessary arguments and enormous legal costs. CNBC points out that one couple ended up paying $300,000 over an alimony dispute which a judge ended up awarding.
By keeping disputes to a minimum, people in Sarasota can preserve their financial future as well as set an example for their children. When people are unable to resolve their disputes, an attorney may be able to find a peaceful solution.