If a Florida couple needs to divide a 401(k) or another type of workplace pension plan as part of a divorce agreement, they will also need to get a document known as a qualified domestic relations order. A QDRO allows for a distribution in case of divorce without incurring taxes or penalties.
Over the past 25 years, the divorce rate for people over the age of 50 in Florida and across the country has more than doubled, and studies indicate that this number is continuing to rise. When people consider a divorce later in life, they face all the same challenges that all people do upon the end of a marriage, including emotional, practical and financial concerns. For people divorcing later in life, however, the financial aspects can be particularly complex, especially if the couple has been married for a number of years and accumulated assets together.
Florida couples headed for divorce court may be tempted to use litigation as a vehicle to punish their former spouse. The quest for revenge can make even an uncomplicated divorce cost many thousands of dollars. Acrimony surrounding a marital breakup may make vengeance seem attractive, but choosing to go there is generally a mistake that costs more than just money.
Florida couples who end their marriages will face several tax issues. One of the main changes is that they will need to start filing separately instead of having a choice of married filing separately or jointly. This is the case if the divorce was finalized by the last day of the tax year in question.
A Florida couple considering divorce may be wondering how their relationship deteriorated. When one notable marriage expert looked at marriages in an attempt to determine why some last for years and others end in divorce, he identified several types of communication patterns that can indicate significant problems.
When Florida couples are ending their marriages, it is important that they think about their health insurance. Medical insurance is one detail that many divorcing spouses overlook. If they do not address it, one of the parties may be left without insurance coverage when the divorce is finalized.
Florida estranged couples may be able to negotiate directly with each other to settle their divorce. This may be done privately or with the help of a mediator. Prior to entering negotiations, it may be a good idea for an individual to learn more about his or her rights and responsibilities after the marriage ends.
Stalking can be a serious problem for some people in Florida who get a divorce. In the age of smartphones and digital trackers, it can be even more intrusive. A Justice Department survey found that 3.3 percent of people who were divorced or separated reported experiencing stalking, which is more than twice the 1.5 percentage of the total population that reported it.
Certain times of the year, such as the end of summer vacation and the new year, are times when divorce rates spike. People in Florida that are considering divorce can take steps to prepare. For example, they will need to have their financial paperwork in order. This may include ordering a credit report and gathering tax returns, end-of-year pay stubs, bank statements and credit card bills.
People in Florida who are getting a divorce may need to divide property such as a home or a bank account. However, one person in a couple might also own assets in the form of bitcoins.