People often have long to-do lists that cover various aspects of their lives. These lists may involve their job tasks, their personal tasks and/or the groceries they need to buy. Likewise, a person who has chosen to go through the divorce process in Florida may benefit from making a list of all issues that need to be addressed thoroughly. Failure to be organized can have costly consequences, both emotionally and financially.
It is typically wise to draft a list of assets that a person believes he or she owns. These assets could include money market accounts, personal property, real estate and even cash. If a person owns a business with a spouse, the pair would benefit from having the company valued by a professional.
After determining one’s assets, an individual can pinpoint his or her liabilities. Debts that a couple may share include car loans, credit card debt and home mortgages. The person who ends up with the family car or home typically can expect to take on the debt associated with this particular asset. There are, however, potential pitfalls that need to be addressed.
Sometimes, people approach divorce expecting to get every asset possible, but this is not usually realistic. The divorce process involves some give-and-take, and if a couple can effectively negotiate in the areas of asset distribution or property division, the proceeding can be relatively smooth. Otherwise, a court will decide the outcome for them, and the settlement may not be appealing to either or both of them. Either way, each individual has the right to fight for his or her rights and best interests in Florida.
Source: cnbc.com, Getting divorced? Get organized first, Valerie Adelman, March 9, 2014