Our readers in Florida may have heard the term, "equitable distribution" as it relates to property division in divorce cases. However, this legalese-type term may leave some people wondering what, exactly, it means. So, how will "equitable distribution" effect one's divorce?
In any divorce, the stakes are high. Sensitive issues that need to be addressed, such as property division, alimony, child custody and child support, mean that the ultimate decisions on these issues can have a life-long effect. However, in a high asset divorce, the property division process of the case takes on a much more significant role.
Florida residents who are getting ready to go through a divorce understand that they will need to sort through quite a few issues -- even more if there are minor children involved. But, aside from issues having to do with children, perhaps, the most contentious issue in a divorce case is how to divide assets and debts. So, what should divorcing spouses understand about property division issues in a divorce case in our state?
Many executives, professionals and other well compensated employees in the Tampa area may be offered a number of generous benefits in addition to their cash salary. Among others, an employer may offer the employee stock options.
The recently announced divorce between two powerful people in the world of real estate illustrates important points to Tampa residents may also have considerable wealth tied up in commercial or investment properties.
The abbreviation QDRO stands for qualified domestic relations order. Many Floridians who live in the Tampa area and other parts of the state will need to be familiar with this term, particularly if they are going through a divorce or legal separation. This is because many of this state's retirees or soon-to-be retirees have a lot of wealth tied up in pension, 401(k)s or other retirement plans.
In the end, a high asset divorce has the same result as a regular divorce: two individuals end their legal relationship and make important decisions about how they will share their wealth, children and property. To this end, Tampa residents may not see the need to work with high asset divorce attorneys when they choose to bring their marriages to their ends.
Throughout the course of a couple's marriage, the partners may exchange gifts and other tokens of their love for each other. While some of the items they buy for each other may become shared tools, such as appliances or vehicles, others may be exclusively used by the recipient. For example, a wife who receives an expensive ring from her husband may exclusively wear and use the ring without any further ownership in it by the giver.
Most people know who Jeff Bezos is. in the last year, he was named the richest man in the world. However, even if his name is not familiar to Tampa residents, the company that he runs is likely something that they have heard of: Amazon. In the last few weeks, Bezos has been in the news for a reason unrelated to his ubiquitous company or alarming wealth.
While it is true that no divorce is easy, it is possible to say that some divorces are more complex than others. A divorce between two Tampa residents who have strong careers, no children and minimal property may be emotionally difficult; however, it likely does not present the same challenges as a divorce that involves child custody and support negotiations, spousal support and property division issues and other complex themes.