Patience may produce a more favorable outcome
Couples get divorced throughout the year but attorneys tend to be busier during the fall, when children are back in school and family vacations are over. Although they might be anxious to get the process completed after waiting months to file, there are a few things Florida spouses should pay attention to so they can avoid negotiating a poor property settlement.
The family home may have sentimental value for one or both spouses. However, if the cost to maintain the house isn’t affordable, it might not make sense to keep it. Before deciding to take the house in lieu of comparably-valued liquid assets, it’s important for a people to determine whether they can afford it on their own. While selling the home might be emotional, it could be a wise financial decision.
When a couple gets divorced, they may have to separate their retirement accounts. By considering the tax implications of removing money from 401(k) and individual retirement accounts, divorcing spouses may be able to avoid paying unnecessary taxes on the money they receive. If one spouse agrees to give part of a 401(k) retirement account to the other in the property division phase, it will be necessary to get a qualified domestic relations order.
Spouses with complicated assets may benefit from the assistance of an attorney that has experience helping clients in their situation get the most advantageous settlement. By looking at the big picture, instead of the short-term benefits of a quick settlement, an attorney may help clients set up their financial life for the future. For example, an experienced attorney might suggest a client who will be receiving child support purchase a life insurance policy on the payer.