When a marriage ends, there’s a lot to contemplate, not the least of which is property division: Who gets what, and how is that decided?
Two divorcing spouses may want to divvy up their property amicably without outside intervention. However, with higher net-worth couples, a rigorous analysis may be needed to accurately assess the value of their holdings and decide their proper distribution.
The assumption that marital property will be split 50/50 does not hold in Florida. Like most states across the union, Florida follows an equitable distribution model of property division.
Florida is forward-looking. The marriage has ended. How will both parties be fairly dealt with? How can the financial security of each be protected?
Along with property division, the question of alimony, also known as spousal support, arises. It can be paid to the husband or to the wife. The abiding goal here is that both parties are protected going forward after the dissolution of the marriage.
Five types of alimony in Florida
Different kinds of accommodations may be made according to the circumstances of the people involved. They are:
- Rehabilitative Alimony: Paid monthly or semi-monthly, this remedy is for a limited time, intended to help the payee spouse get on better financial footing, acquiring new skills and whatever else is needed to adjust and carry on.
- Bridge-the-gap alimony: This remedy is also rehabilitative and very temporary. Usually paid as a lump sum or over a short period of time, it’s to help the spouse on the receiving end land well into single life.
- Permanent alimony: Paid monthly or semi-monthly, this remedy is forever, that is, until the payee spouse remarries or dies.
- Durational alimony: Paid monthly or semi-monthly, this remedy is accorded to the payee spouse for a defined period of time.
- Lump-sum alimony: This remedy is a one-time payment of either money or property.
Wading through the complexities of property division and divorce law is probably best done with the support of relevant experts, be they financial analysts or divorce attorneys. In this way, the process is managed well, and the rights and options of both parties are carefully protected.