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Working through property division in Florida divorce

by | Jan 1, 2016 | Divorce

Separating from a spouse causes a great deal of change to nearly every aspect of a person’s life. This can be especially true when one party is a stay-at-home parent and has not been making his or her own income. For individuals that are considering divorce in Florida, seeking assistance from a legal professional can ease the stress of this process.

For couples who own a marital home, deciding which spouse will keep the house, or if the parties will sell it and split whatever debt or profit results, requires significant research and thought. It is important to consider whether keeping up with the mortgage loan payments and other costs of the house is possible by one party alone after the divorce. In addition, any other marital property will need to be divided as equitably as possible between the two.

Loans for a car or college and debt incurred through credit cards or other means also have to be split between the parties. Filing federal tax returns can be a challenge, as well, since the IRS has specific rules regarding how a divorcing couple files its taxes. For instance, if the couple was still married on Dec. 31, they can still filed as married for that tax year. Fortunately, there is no personal income tax in Florida, so that is one less worry for the parties.

There are innumerable changes that take place during a divorce, which can be a stressful life event for one to experience. In the end, though, individuals and families can make it through this process and come out happier. Those in Florida considering divorce have resources available to them that can provide clarity concerning the various issues that are involved.

Source: popsugar.com, “Financial Advice For Newly Single Moms“, Laura Lifshitz, Dec. 23, 2015

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