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Considering some important financial issues in divorce negotiations, P.3

We’ve been looking in recent posts at some of the issues couples need to keep in mind when approaching financial negotiations in divorce. Negotiation of property and assets division should, we said last time, take into account tax costs and couples should look out for their own credit health.

It should be kept in mind that child custody can, to an extent, have an impact on property division, even though property division is a separate matter. A parent who is awarded primary custody of the children may receive stronger consideration with respect to taking possession of the family home. This decision is tied up with the court’s determination of the living arrangement that is in the best interests of the children, though. 

Parents who are awarded child support and/or alimony in divorce need to understand their rights when it comes to enforcing support orders. In addition, it may not be a bad idea for a spouse to take out an insurance policy to ensure continued payments in the event the ex-spouse becomes disabled or dies.

Estate planning is another important consideration when dealing with property division matters in divorce. Updating beneficiaries and all estate documents to reflect changed family circumstances and wishes is important. Although Florida law automatically nullifies beneficiary designations on several types of accounts, naming the proper beneficiaries is still something that must be done to ensure the assets go where they are supposed to go.

A final important financial matter to consider in divorce is budgeting for one’s post-divorce lifestyle and coming up with a plan for retirement savings. These issues are important not only for immediate adjustment after divorce, but also for long-term financial stability.

An experienced attorney is critical, certainly, in any case to ensure that one considers these and any other relevant issues in financial negotiations, and that one’s financial interests are advocated throughout the process.

Source: 2016 Florida Statutes, 61.075

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