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If you are going through, or about to go through a divorce, you likely know that money plays a big role in the “uncoupling”.
Obtaining an uncontested divorce in Florida comes with many benefits. An uncontested divorce will minimize your time spent in court, speed up the entire divorce process, and put you in the driver’s seat in deciding some of the most important issues associated with divorce.
Even the most amicable of uncontested divorces will have an impact on your finances. In addition to the loss of your spouse’s income, you can also lose your moral support, retirement benefits, and often safety net that comes from having a partner. By following a few important steps, however, you can quickly start getting your financial life and health back to previous levels.
In addition to the emotional impact a divorce can have, it’s important to be aware of how your financial position will be impacted. Now, more than ever, you need to make sure that your finances are on the right track. You will then be able to put the past behind you and set in place the building blocks that can be the foundation for your new financial future.
If you’re married, it’s possible for you to claim Social Security benefits at the appropriate time in one of two ways. You can claim benefits in your own name (if you have been employed and have accumulated enough credits over the years), or you can claim benefits as a dependent (whether or not you ever worked), provided that your spouse satisfied the applicable requirements.
People who have just divorced or are contemplating divorce, need to think about revising their estate planning. Many people forget this important step in pre-divorce planning and post-divorce activities.
In your Florida divorce, one spouse may receive alimony or child support from the other. When that happens, you need to be aware of the tax consequences
Suppose that you bought some rental property with your spouse a few years back and it looks as if you are going to get the property as part of a settlement proposal from your spouse’s expert Florida divorce lawyer.
During the process of Dissolution of Marriage, both husband and wife will develop a budget. This can be particularly important when trying to understand alimony or other support.
A spouse who does not make timely support payments can have his or her wages garnished through the Florida Child Support Enforcement Department. The court orders that alimony be automatically taken from the paying spouse's paycheck. The court can also order that the paying spouse give the alimony payments to the Support Enforcement Department, which will give the money to the receiving spouse. The department acts as a third party which manages the collection and distribution of support payments on a statewide basis. If the paying spouse of child support or alimony fails to make timely and sufficient payments, the court can suspend the paying spouse's driver's license.
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