Anyone in Florida who is contemplating a divorce or who is at the beginning stages of a divorce has probably heard the term, "equitable distribution," when it comes to the property division part of the case. The legalese-sounding term may seem straightforward enough, but, like many terms in the legal realm, there are nuances to how the term is interpreted. So, what should one know about the "equitable distribution" of assets in a divorce?
There are probably more people in Florida who have heard divorce horror stories than there are those who have heard of divorce cases that go smoothly. However, as long as the divorcing couple is able to focus on the issues that need to be addressed -- while keeping their emotions in check -- a divorce case does not need to be a knockdown, dragged out fight in court. But, when it comes to issues, like property division, many people get entrenched in their ideas.
The family home is often one of the most valuable assets a couple in Fort Myers has. In addition, it can also have a lot of sentimental value. Therefore, if a couple decide to divorce, what to do with the family home is a major part of the equitable distribution process. Couples have several options when it comes to the family home and divorce.
Building a business from the ground up with your spouse can be a highly satisfying endeavor. However, even if a married couple's business flourishes, their marriage may not, and they may decide it is best to divorce.
Couples who are pursuing a divorce in Fort Myers may naturally have concerns about what possessions and finances they will have once their dissolution is finalized and they move forward into their newly-single lives. After all, many of their marital assets may have a great deal of financial or sentimental value, especially if a couple had been married a long time. It is important that the property division process is fair to both spouses, so they can walk away from the marriage on even footing.
Couples in Florida may spend years or even decades accumulating various assets, such as a house, automobiles, electronics, artwork and other valuable pieces of property. So, should the couple divorce, the issue of property division can be a sticking point for many spouses who believe they are entitled to certain assets. If a settlement cannot be reached regarding property division, the parties will turn to the court to issue a decision.
Last week we talked about some of the issues that come up when a divorcing couple needs to divide assets held in the form of artwork. This week we learned about a very affluent couple who is encountering this very issue in their divorce after nearly 60 years of marriage. What happened when they had to divide assets amounting to over half a billion dollars?
Bidding adieu to artwork can be one of the most devastating aspects of divorce for some couples. Some pieces you might have collected on your travels, while others you might have received as a gift for one of your anniversaries. These pieces are likely special to both you and your spouse, which can create an issue in the event of a divorce.