Understanding the Financial Aspects of Divorce
Many of our clients worry that divorce will not only take an emotional toll upon them but will also take a financial toll. While everyone seems to know someone who struggled financially after their divorce, the truth is that divorce does not mean financial ruin. Having a skilled and experienced divorce attorney by your side through the process is the best way for you to navigate divorce-related finances and ensure that you end up with the best settlement once your divorce is finalized. Read on to learn more about the financial aspects of divorce.
Obviously, one of the fastest ways to finalize your divorce is if you and your partner agree on its terms, a situation known as a contested divorce. However, oftentimes divorces are contested, meaning you and your partner cannot agree on things like who gets which assets. In these situations, Florida decides to distribute assets using an approach known as equitable distribution. This does not mean you and your spouse split assets 50-50, but rather that a court tries to distribute assets in a way that is the most fair to you and the spouse you are separating from. Even in this situation, however, it is important to know that property you or your spouse acquired before the marriage, as well as certain types of gifts or assets acquired by one spouse during the course of your marriage, are generally treated as the surviving spouse’s sole property.
Another important consideration is what happens to debt and other liabilities acquired during the marriage. In Florida, this process generally mirrors how assets are distributed, in that if one spouse acquired it before marriage or under certain other circumstances, the debt is theirs as well after the divorce. This also goes for debt that a spouse may have obtained behind their spouse’s back or in another similarly reckless manner. Florida’s equitable distribution laws can be incredibly powerful tools in the hands of a skilled and experienced attorney, and at Blair H. Chan, III, PLLC, we have extensive experience protecting clients’ assets and preventing them from being unfairly saddled with their spouse’s debts.
Finally, spousal and child support are two of the biggest financial concerns in divorce. Spousal support, otherwise known as alimony, is post-divorce spousal support one spouse pays to the other in recognition of certain circumstances. Generally, spouses who earned less, stayed at home, or sacrificed in some way to support their spouse’s financial success are usually provided with some sort of alimony. Having a skilled divorce attorney by your side is the best way to make sure that the amount of alimony you receive is fair and appropriate.
The same is true for child support. Usually the primary custodial parent will receive support payments from the other parent, and these payments typically reflect the educational, health, and other needs of the child. As with spousal support, it is important to have an experienced divorce attorney who can help make sure the amount of child support meets the child’s needs and is appropriate.
At, Blair H. Chan, III, PLLC, we have extensive experience in representing clients seeking a divorce and always advocate for our clients’ financial well-being. Contact us today to learn how we can help you.