As you've ventured out to eat in Kissimmee in recent weeks, you've likely seen quite a bit of youth in satin gowns. It's that time of year again for high schoolers to walk across the stage and get their diplomas. Sadly in recent years, the start of divorce season has coincided with the high school graduations.
Data published by the American Psychological Association shows that as many as 50% of married couples end up getting divorced. This motivates many financial planners to tell their female clients to get their money matters in order as soon as their spouses threaten to divorce them.
There's a big difference between a marriage that's going through a difficult time and one that's just generally unhappy. Difficult times can be endured and even help a couple grow. An unhappy marriage can ultimately stifle both people's lives and make them downright miserable.
A husband or wife who puts their career on the back burner to take care of the home or children during their marriage will often request alimony from the other. In Florida, there are various types of spousal support ranging from temporary to something more permanent. There are several factors that a judge takes into account when making alimony awards. Income is one of these.
Every divorce is different, but like other people facing the end of their marriage, you may wonder how this process will affect you now and down the road. How much will you have to adjust your lifestyle? Will you be able to afford to live on your own? Will you have to pay spousal or child support? Money is a major concern during divorce, and you are not alone if you are looking for ways to cut down on expenses.
Any assets that are either shared or acquired during a marriage are considered to be marital property. The way that they are divided up during a divorce depends on where the couple lives. In Florida, all marital property is divided up via a procedure called "equitable distribution". This means that a judge takes into account each spouse's assets and needs when dividing up the shared property, rather than merely dividing it all equally.