Many Winter Park residents plan their financial lives very carefully, but a divorce can upset the most carefully laid plans. Some divorces can reduce retirement plans to financial rubble, leaving one or both former spouses in financial shock. The age of the spouses often affects their ability to recover their financial health, but according to knowledgeable financial planners, no one is without viable solutions.
The term that Florida law uses to describe the divorce of two individuals is "dissolution of marriage." The dissolution of a Florida marriage does not have to be based on any type of fault as the state recognizes no fault divorces. Additionally, divorces that are uncontested may be expedited and may resolve faster than divorces in which the parties cannot come to agreement on certain divorce-related matters.
Most Floridians who are contemplating divorce are more concerned about enduring a long and bitter struggle than they are about the actual outcome. One way of reducing the rancor between the spouses and ensuring a better result for both (and any children that may be involved) is engaging in divorce mediation.
HELOC stands for home equity line of credit. It is a line of credit that is secured by a lien on the equity in a person's home. In Florida, HELOC loans are usually made by banks or lending companies. A person may borrow up to a specified maximum percentage of the value of the home after deducting the amount owed on the mortgage loan used to purchase the house. Many couples use equity lines of credit to finance a home renovation, a vacation or perhaps pay unexpected medical bills. HELOCs can be very useful, but what happens to the HELOC if the couple gets a divorce?
Most couples in Florida who decide to end their marriages look for ways to minimize the emotional turmoil that often accompanies the divorce process. One of the most effective methods is mediation, but not many people understand how mediation works or, more importantly, how it can eliminate much of the anger and recrimination from the divorce process.
Most Florida divorce attorneys will encourage clients to sign prenuptial agreements if the agreement accurately expresses the parties' intentions and if the agreement is not unfair to either party. Nevertheless, some prenuptial agreements turn out to be unenforceable for different reasons. Some agreements are unenforceable because the parties made a simple mistake, such as not signing the agreement until after they became married, and some are unenforceable because one party tried to take advantage of the other. In the latter situation, the enforceability of the premarital agreement could seriously affect the division of marital assets in the event the couple decides to get divorce.
Baseball star Miguel Cabrera endured the worst season of his career in 2017, and he also faced two lawsuits in Florida courts involving his domestic relationships. The almost-certain Hall of Famer was sued for divorce in Miami-Dade County Court, and for a paternity and support lawsuit in Orange County in a case brought by a woman with whom Cabrera has fathered two children.
Tabloids have been reporting that supermodel Elle McPherson, a resident of Indian Creek in Miami, and her husband, Jeff Soffer, have split up and are getting divorced. These reports have now been complicated by rumors that the pair was never legally married. Soffer is a wealthy real estate developer, and whether the two were officially married could have a significant effect on the division of their assets and whether a divorce proceeding is commenced.
One of the thorniest problems wealthy couples face when they decide to end their marriage is valuing the assets that they jointly own. Assets acquired by a spouse prior to marriage remain the property of that spouse during the marriage, as do assets such as bequests and gifts, and these assets are not affected by the divorce, unless they are comingled with marital property Couples who have been married for a more than a few years may have seen the value of their jointly owned assets increase significantly. Valuing and dividing these assets may therefore be the most difficult issue when high-asset couples decide to divorce.
The wife of British golfer Lee Westwood, Laurae Westwood, has filed for divorce. The papers were filed in Palm Beach County Court even though Westwood is a native of Great Britain. According to news reports, the divorce is expected to be contested both as to the alleged grounds - infidelity - and the amount of money involved.