The Finances of Divorce in Florida
When two people get married, it is often the happiest time of their lives. Being in love, they have the highest hopes for their future, often with dreams of starting a family together and living happily ever after. But in even the happiest marriages, things can breakdown and individuals can grow apart and issues like infidelity, financial concerns, and deceit can supersede the love they once had for each other. Despite the hopes we all have for our marriage, divorce is a real possibility and with the US having some of the highest divorce rates in the world, its something we all need to be prepared for. And no matter how much your marriage may have broken down, divorce is still one of the most stressful and emotionally draining times for any couple – especially when there are children involved. While the emotional toll is something that’s almost impossible to prepare for, the financial aspect of divorce is something we should all be aware of – as divorce can be one of the most costly and financially crippling events in the life of any man or woman. As the best family attorney Boca Raton has to offer, Mr. Steven Veinger, has helped counsel countless men and women through their divorce – helping them to negotiate the most beneficial financial agreement possible. To better prepare yourself on the financial rigors of divorce, here is some valuable information to know before it happens to you.
During any divorce proceedings, the best-case scenario is one in which both sides can come to a fair and amicable agreement on all aspects of divorce, and present this pre-agreed upon settlement to the judge. According to Mr. Veinger, the best family attorney Boca Raton has in practice, this can save you valuable time and of course money! However, even for the top family lawyer Boca Raton divorce cases rarely go this smoothly. The majority of divorce proceedings are contested ones, and in these instances, when an agreement cannot be reached, the court’s will determine an agreement that they deem to be most fair – rarely ever a 50/50 split. One important thing to note is that Florida is also a common law property state. Property that is acquired by one spouse is owned solely by that spouse.This is why it is best to come to some type of agreement with your ex-spouse, as it is at least within your hands.
Another important thing to note is that during our lives we do not just acquire property, but also liabilities and debts. The same method in which they use to determine the distribution of Florida, the court will also use it to handle debt. If the debt is solely in one party’s name, then that party will likely be responsible after divorce. According to Mr. Veinger, the best family attorney Boca Raton has to offer, judges will also examine both party’s behavior during the marriage as it pertains to finances. For instance, if one spouse tends to spend constantly on frivolous things and was a main source of the debt, then they will be held more responsible for the couple’s debt as a whole after divorce. Much of the financial aspects following a divorce have to do with each party’s need. This is also where things like alimony come into play.
When calculating alimony payments, judges will often take a look at each party’s finances, during and after the marriage. According to Mr. Veinger, the top family lawyer Boca Raton has in practice, if one party, makes less than the other, and they are deemed to be used a certain standard of living, judges will often ensure they receive alimony payments to help maintain a better standard of living. However, income is not the only basis for calculation. For instance, if one party is paying towards their own education, for their own betterment and career advancement, or if they are paying for extra tutoring for their child, these expenses will be factored into how much they will be forced to pay the lower earning spouse. This is also important in the distribution of property and assets – according to Mr. Veinger, the top family lawyer Boca Raton has practicing, if one spouse were to make extremely luxurious purchases at the end of the marriage, almost as a means of spite, this can be brought up during court and negatively impact them. However, because Florida is one of the most fair states when it comes to divorcefinances, “winning” assets, will also come with added expenses, in example – those associated with the upkeep of a home. The most important thing to understand is that the most prepared individual, with the best attorney will usually come out on top. And it is always important to understand that the more amicable and fairer you keep things during a divorce, the better it will be for you, your ex and your children. For more information on divorce, contact MR. VEINGER TODAY.