Income structure affects how property division will work

Income structure affects how property division will work

| Aug 19, 2019 | property division

Divorce is a remarkably complicated process of untangling two financial lives. This process can be emotionally challenging and there is a lot at stake, as the terms of the final property division order will impact a Florida resident for years to come. One important factor to consider during divorce is how the pay structure of each party could affect financial support and other aspects of the final settlement.

Income can come in many different forms, and it’s important to consider the frequency, type of pay, amount of pay and other income-related factors when negotiating the terms of a divorce. A person may want to consider how to protect projected income, like future bonuses and potential commission, during financial and property negotiations. A straightforward paycheck every two weeks is not complicated to address, but prepaid bonuses, future bonuses, stock options and other things may be.

A person has the right to pursue a fair final property division order, which may include considerations for lifestyle benefits associated with the other spouse’s pay. For example, a spouse may be used to driving a company vehicle, getting housing benefits or having other perks. If these benefits were enjoyed by the spouse or each member of the family during the marriage, it could be a factor during divorce.

A Florida resident will find it beneficial to consider what will truly be best in the future as he or she seeks a fair property division order and financial settlement. He or she may have to set aside temporary emotions and look at what will work best long-term. Thinking with a future perspective and being thorough can reduce the chance of post-divorce complications and could secure stability for many years to come.