Considering important financial matters in a divorce

On Behalf of | Dec 16, 2016 | Uncategorized |

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.

For example, there may be some complicated calculations involved in working out how to divide some property such as retirement accounts and investments. Some retirement accounts may require a Qualified Domestic Relations Order to be divided, and this can be a complex document. Another consideration is the tax implications for various types of divisions. Finally, people should keep in mind that dividing everything 50/50 is not necessarily the best approach. For example, if one person has a much higher income than the other, then they might be more readily able to rebuild retirement savings.

People might also want to consider life insurance policies on themselves and their spouse. When a spouse dies before a QDRO is fully executed, the division may not go as planned. Furthermore, a parent might be concerned about dying suddenly, particularly if the other spouse is irresponsible, and might want to make plans to ensure that their children are taken care of.

These steps may be particularly challenging for a person who has not participated much in the family finances. People who are in that situation might want to visit a Hillsborough County high asset divorce firm with financial records such as bank statements and tax returns. They can then begin to consider how the financial part of the divorce might play out. It is important that people do not make poor financial decisions because they are overwhelmed by emotions and that they fully understand the value of certain assets such as retirement accounts even if they have not contributed to them.