Those who are getting divorced in Florida may want to work with a financial professional before, during and after their marriages come to an end. Working with someone in divorce financial field may make it easier to determine exactly how much an individual is worth. It can also make it possible for a person to determine the value of joint assets such as a stock portfolio or family home.
Some Florida couples divide up household tasks, including managing financial accounts. When a couple decides to get a divorce, it is important that each individual has access to login credentials, bank and investment accounts, and other pertinent information regarding their assets and debts. This is just one thing that couples need to do to minimize financial fallout during the divorce process.
Generally speaking, couples in Florida and throughout the country get divorced because they're no longer happy in their relationships. However, some couples have begun to contemplate divorcing for strictly financial reasons. Couples who file their taxes jointly could be subject to the "marriage penalty" if they are in the 37% tax bracket. Ultimately, couples who had more than $612,350 in taxable income in 2019 may be better off if they were single.
There are many ways that couples in Florida realize it is time to go their separate ways. Whether they are experiencing infidelity or addiction or have grown apart over time, the end of a marriage may be the best way for people to move forward from an unhappy relationship. Of course, divorce is not only a major emotional milestone; it is also a serious financial and legal issue. People do not decide to divorce lightly; they base their decision on serious thoughts for the future. There are several common issues that many couples experience before they decide that divorce is the right decision for them.
If you are like most people in Florida and around the United States who are approaching a divorce, you may well be a bit fearful about how you will be able to provide for yourself once your marriage has ended. This is a reasonable concern given that most spouses end up having to share some or all of their assets with their former partner. At the same time, people have to establish single residences which can cost more than sharing a home with another person.
It is not uncommon to learn that underneath the facade of a supposedly happy marriage in Sarasota lies the grim reality of domestic violence. Many often question why those who are experiencing domestic violence at the hands of their spouses do not simply seek a divorce. The fact is that such victims may indeed want to leave, yet they fear that if they do, the violence being perpetrated against them will escalate (or extend to their children or other family members). Domestic abuse victims need to know that there are resources in place to help them escape from a violent marriage.
As you prepare for your divorce proceedings in Sarasota, many may be telling you that (if you were not the primary income earner in your marital home) that you will be automatically entitled to alimony. Such is the assumption that many of those that we here at Schipani & Norman, P.A. bring in to their divorce cases. Like them, you may be surprised to learn that not only is awarding of alimony not automatic, it is not even meant to be a long-term source of financial assistance.
Have you and your spouse in Florida been at odds for some time? Have you finally decided that your marriage is over? If so, this decision may find you unsure of what steps to take to prepare for your divorce. You might also be a bit afraid of how the experience will impact you financially. The best way to prepare yourself for a solid financial life after a divorce is to learn as much as you can about your financial situation before your divorce.
Have you and your spouse recently separated or finalized a divorce in Florida? If so, you know the magnitude of these events on your life. It is all too easy to get overly focused on the things that require your immediate attention during a divorce. These include identifying how you and your partner will split assets, how you will assign responsibility for joint debts, how you will share time with your kids and more.
Most in Sarasota may expect that a divorce will have a financial impact on their lives, yet few may truly comprehend just how extensive that impact may be. One area that many fail to consider when previewing their post-divorce life is healthcare. While the number of single-income families has been on the decline in recent years, the Bureau of Labor Statistics shows that as of 2018, 4.3 million American households have only one family member that works. In such situations, a divorce could leave the non-working spouse concerned about how they will be able to afford their own healthcare once their marriages end.