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Property division and its impact on future finances

by | Oct 21, 2019 | Property Division

The choices made during divorce will impact a person for years to come. For Florida couples, it may be better to set aside the temporary emotions that come up during this process in order to focus on securing terms that allow for a strong financial future. Property division can have a significant impact on retirement, but there are ways a person can rethink his or her long-term plans in a way that allows for full enjoyment of the golden years.

The choices made during divorce matter. One important step is to be sure that a person gets a Qualified Domestic Relations Order (QDRO), which is necessary for the division and proper distribution of certain types of retirement assets. First, however, a Florida spouse will want to take careful inventory of all assets, accounts and investments that are marital property. This is a practical way to ensure that he or she does not leave money on the table.

In some cases, a person may be eligible for Social Security benefits through the work record of his or her spouse. If a person was married for at least 10 years and is not currently married, he or she could have a valid claim to Social Security benefits in this manner. A person approaching retirement age will want to learn more about all of the types of support available to him or her.

The property division process during a Florida divorce is complicated and often emotionally charged. It can help to keep the focus on what will work best long-term, especially during the retirement years. By taking this approach, a reader can keep the right perspective as he or she seeks a practical divorce order.

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