Florida residents who enjoy the TV show "Vanderpump Rules" might have heard that one of its stars, Scheana Shay, filed for divorce in 2016 in a California courtroom. The court papers listed Nov. 9 as the date of separation.
Florida pro basketball fans may be interested to learn that, on April 17, New York Knicks star Carmelo Anthony and his actress wife La La have separated. According to a New York divorce attorney, the 32-year-old sports star could be shelling out millions to the 37-year-old actress if the pair did not have a prenuptial agreement. They were married in 2010 and have a 10-year-old son together.
People in Florida who are divorcing might need a document known as a Qualified Domestic Relations Order. This is an order or judgment that deals with dividing a retirement account. A QDRO can make transferring assets more efficient, but it can also be complex and costly. Individuals might not understand the fees and taxes associated with the division and transfer. As a result, attorneys sometimes recommend that clients consult with certified divorce financial analysts who can explain these potential costs and how to minimize them.
Florida couples who are planning to divorce might need to take special care with their property divisions if they have accumulated substantial assets during their marriages. If they do not make certain that they receive their fair portions of their spouses' retirement accounts, they may forever lose their abilities to collect any portion of them.
A family business can be a substantial personal asset, especially if its value has increased overtime. Florida residents who co-own a business with their partner or spouse should know about what they can do before and during a marriage to protect the it if a divorce occurs.
When a Florida beneficiary of a trust gets married, a subsequent divorce might involve the assets within the trust. If the benefactor who created the trust overlooked the possibility of a divorce in the beneficiary's future, then the terms of the trust might be insufficient to protect assets during property division or the calculation of spousal support.
Expenses can easily pile up for people in Florida seeking a divorce. In addition to legal fees, a couple that needs to split the assets within a 401(k) retirement plan must first obtain a qualified domestic relations order. After paying a lawyer to prepare the QDRO document, the firm managing the retirement account typically adds another $300 to $1,800 in charges to process the transaction.
Florida couples who are getting a divorce may focus largely on major issues, such as child support and custody, as well as major assets such as the home. This might cause other financial considerations that are just as important to fall by the wayside.
We are all familiar with the wedding vows recited in the generic Hollywood movie scene: "for richer or poorer, in sickness and in health." While most engaged couples may seek to make similar promises during their own ceremony, those with high assets may have different considerations to make if they desire to protect their possessions in times of sickness and health.
Depletion of assets happens when one person in a Florida divorce spends marital assets in an effort to keep the other spouse from being able to claim them as part of property division. It may be possible to seek a restraining order to stop this from happening. It prevents major financial changes to marital property. However, if it is not filed in time or at all, and asset depletion occurs, then people may need to used other methods.