Dealing with a divorce is never easy. There are so many things you can stress over that it eventually will drive anyone crazy. Add finances on top of that it only makes everything worse. But going through a divorce does not have to be overwhelming. With Arturo R. Alfonso, P.A. we are here to make sure you know how to properly manage your finances. We are one of the best divorce attorney Miami.
The Finances of Divorce
On top of the emotional impact of separating from your spouse, the process of divorce can take a real financial toll on your life. At least, that might be your fear when entering a divorce settlement.
However, do not let horror stories scare you into accepting a worst-case scenario agreement, though. Learn the basics of how your finances are viewed and split after a divorce. A Florida family attorney can help you navigate these financial issues and get you the best settlement once your divorce is finalized.
How do the assets get split during a divorce? Let’s start off by saying that if two parties agree on the terms of a divorce and present this mutual agreement to a judge, they can get a divorce finalized much faster. This is the easiest type of divorce. We call this an uncontested divorce.
However, when the divorce terms are contested, Florida will split assets based on an equitable distribution of property. Rather than a 50/50 split, Florida will determine what agreement is most fair to all parties involved. Florida is also a common law property state. Property that is acquired by one spouse is owned solely by that spouse.
Our Divorce Attorney Miami Explains Liabilities
Spouses will not just acquire property during their marriage. They will also acquire liabilities and debt. Florida similarly determines liability to how they determine the distribution of property. If the debt is under one spouse’s name, they will most likely take it on after the divorce.
However, judges may also look at the spending habits and income of each party during the marriage. If one spouse behaved in a reckless manner to incur the debt or inhibit the couple’s ability to pay the debt back, they may be held liable to pay back the debt after the divorce.
Once the divorce process begins, the expenses of each spouse will be considered separate. This includes court fees or expenses made out of spite when the divorce is announced.
So, if your ex decides to make a big purchase as revenge for filing for divorce, do not worry. We are here to help. This can be brought up in court, and a judge will fairly place other expenses on your ex or even order them to relinquish their property over to you.
Call Us Today
Arturo R. Alfonso, P.A. is an experienced divorce attorney Miami. When it comes to dealing with finances in a divorce, our family attorney has you covered. Dealing with divorce should not be so stressful and we are here to help. Call or visit us today for more information, Miami.