The stress of divorce affects children; they may feel angry or hurt after learning their family is splitting apart. A parent who speaks negatively about a soon-to-be ex-spouse in front of the kids can complicate their adjusting to a post-divorce family situation.
If asked, most people in Pompano Beach would likely say that the estate planning process simply involves detailing how they want their assets dispersed. Yet there is a whole other aspect that needs consideration: limiting an estate’s liabilities.
Most people in America have some form of debt. This may be in the form of a credit card that they use and pay off every month, it may be in the form of a vehicle loan or lease or it may be in the form of a mortgage. Other people utilize unsecured loans to pay medical bills that they then repay over the course of some time. Regardless of the nature and size of the debt, it is one more thing that must be addressed when a married couple gets a divorce. Debt: Yours, mine and ours One important place to start when deciding which spouse will have to repay which debt is to determine what debt is joint and what debt is shared. This may be based on which person’s name is on an account, when the debt was incurred relative to the marriage or what the funds were used for. For any joint debt, a good plan must be made for repayment before or after the divorce. Divorce decrees and creditors As explained by Bankrate, if one spouse agrees to repay a joint debt, this provision may be included in the divorce decree. If this person fails to pay the debt and the other person’s name remains on the account, the creditor may seek repayment from the other spouse. This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Florida an overview of how debt responsibility may be determined during a marital dissolution so they understand the lender or creditor view as well as the divorce court view.
If you are like many people in Florida, when you think about making an estate plan, your mind initially goes to outlining your wishes for who will inherit what assets from your estate. Certainly, this is an important part of estate planning, but it is far from the only purpose for and benefit of making a comprehensive estate plan. A good plan may also provide essential guidance for while you are still alive and how you may be cared for during a health care emergency.
When you own your own business, your divorce may look markedly different than it does for those who are employed by others. Once you decide to part ways with your spouse, though, you must figure out how your business factors in as well as whether you owe your former partner any stake in it.
Florida is paradise for couples who love to get away from home and spend some time in a vacation property. If you and your spouse own a timeshare, though, you may be wondering what happens to it during your upcoming divorce.
