You want to modify your child support payments. It's not that you don't want to pay, it's just that the amount you were ordered to pay in the divorce no longer fits your life.
Many challenges exist when you are trying to get a divorce. In the case of professionals who are self-employed, such as doctors who have their own practice, making a plan to deal with the practice must be made a priority. The last thing that you need is to lose your practice in the property division process.
There is something very concerning about the state of many high asset marriages these days. This is the fact that many of these marriages don't have a prenuptial agreement in place. Some people might not have realized that they would need this agreement one day. What can follow is a tragedy that includes a contentious divorce settlement.
One of Florida's top "power couples" had everything that a lot of people dream about: health, personal recognition and plenty of material wealth -- but their marriage came to a grinding halt over their deeply held (and deeply opposing) political views.
Divorce in legal terms is mainly about the division of assets, and although it maybe be simple in theory, the reality of a high asset divorce with complex financial portfolios is anything but straightforward.
Sometimes, divorcing spouses play a type of financial shell game with their finances -- they claim ownership of certain funds and assets when it benefits them and then disavow that same ownership when it's inconvenient for their divorce.
Divorces are hard journeys for many people. For business owners, there is a dynamic that isn't present in other divorces. These individuals have to think about how the divorce will impact the business.
Every divorce has its unique challenges -- but for high-asset couples, the first challenge may be as basic as figuring out everything that's owned and what value to attribute to each holding. That's before you get to the part where you have to try to divide things up, all the while figuring out the income and tax consequences you face with each different maneuver.
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.