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November 2015 Archives

A QDRO dictates division of 401(k) retirement plans in divorce

The division of retirement benefits in a divorce is sometimes a difficult undertaking. In an equitable property distribution state, such as Florida, the assets acquired during the marriage are subject to equitable division by the family law court during a divorce. Equitable property division is based on the general idea of fairness. The statute sets forth certain considerations for a family court judge to consider when deciding what percentage of the marital assets shall be distributed to each party.

Wife files divorce with emergency request to stop sale of assets

Property acquired while the parties are married and living together is generally classified under Florida law as marital property. Marital property is divided in a divorce proceeding according to a concept known as equitable distribution. This means that the court can divide the marital property in any proportion that is fair and equitable, considering the needs and circumstances of the parties. There are a number of factors set forth in the equitable distribution law that the court is directed to consider in making an order of distribution.

Negotiations in divorce for the marital home may be complicated

In divorce negotiations, problems can arise when one spouse takes over the marital residence with an outstanding mortgage debt. If he or she is not able to get immediate mortgage financing, it may create a difficult obstacle. The problem is that one spouse is now responsible for the mortgage loan under the settlement, but the other spouse remains technically responsible for the payments because the bank loan still holds both of them liable. This is a common problem occurring in Florida and elsewhere when one spouse takes over the home in a divorce but cannot immediately get a new loan in his or her name alone.

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The Law Office of Gustavo E. Frances, P.A.
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Fort Lauderdale, FL 33301-3424

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