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Gainesville Legal Issues Blog

Divide marital assets the right way when divorcing

When going through divorce, many people feel so overwhelmed with the circumstances that they are in, that they fail to properly read up on the right way to go about things. This is especially true in regard to the financial side of things. When dividing up marital assets, it is never as simple as drawing a line in the sand and splitting things 50-50.

The truth is, if you are facing a divorce process, you have a lot of power in your hands and the ability to control the fate of your marital assets. The more complex portfolio of assets you have, the more complicated the situation can be. It's important to remember to consider all assets and leave no stone unturned.

Make your blended family work for you and your children

A blended family is one that brings children from different parents together. These siblings can include step-siblings and half-siblings. This occurs when parents have children from a previous relationship.

It is often difficult to make a blended family work. This is especially true when the children are teens who have become accustomed to the way of doing things before the marriage. There are some ways that you might be able make things easier during the transition phase. Consider these ideas:

Going through the modification of child support

When bringing up children as a single parent or as a co-parent, circumstances are going to change often and quickly. Change is inevitable: You may get promoted, or your partner may lose their job. Child support orders must reflect the changing circumstances, and this is why they are not written in stone.

This blog will provide a brief overview into how you can go through the steps of requesting a child support modification, and what counts as a valid reason for a change request.

An inheritance can lose its immunity status

An inheritance is often immune to the divorce process. It's thought of as separate property belonging only to the person to whom it was given, so it doesn't have to be divided.

However, it is possible for that immunity status to be lost. It all depends on what is done with the money and how it is used.

For students, drug convictions can mean loss of financial aid

While getting caught with a little bit of marijuana might land you with a slap on the wrist in Florida, it could cost you a whole lot more than some court fees and a day or two in jail if you are receiving federal student aid. A drug conviction on your record could not only get you suspended from school, it could cost the student aid you have depended on to cover tuition and housing expenses.

Before you put your college career at risk by engaging in some recreational drug use on the weekend, take the time to learn what repercussions you might face if you end up with a criminal record. Read below to find out how a drug conviction affects federal student aid.

Divorcing, asset division, and cash-based businesses

In an ideal world, no one wants to face the issues of divorce. But we live in a real world and these things can happen. The best that we can hope for in the case of divorce is an amicable and simple process, where each partner gets a fair share of the assets and is able to move forward in life.

Asset division, however, is rarely simple, especially when it comes to high-asset divorces. It's common that the spouse who just wants to keep the peace and achieve a simple solution is the one that gets a bad deal. There are so many ways that assets can be hidden from a spouse to avoid them being split in a divorce. One of the most common of these is through a cash-based business.

Do you need to create a postnuptial agreement?

You will probably be very familiar with the concept of a prenuptial agreement. This is when the terms of the division of assets in the event of a divorce are defined before the marriage even takes place. However, you may not be so familiar with the idea of a postnuptial agreement: the act of signing a similar sort of agreement during the marriage itself.

This might not be done by a couple because they are necessarily expecting a divorce to occur in the near future. They might create a postnuptial agreement to ensure that there is more clarity and so that they can be more independent financially.

How a forensic accountant protects you during high asset divorce

Getting a divorce isn't simple under the best of circumstances. When there are substantial assets involved, the process can become downright messy. Both of you may want certain assets, and the potential for fraud or intentional misrepresentation increases. After all, there is much to be gained by hiding assets in a high asset divorce. In order to ensure the division process is fair, you may need to retain the services of an experienced forensic accountant.

There are two primary reasons why you might want to work with a forensic accountant. The first is if you have reason to believe your spouse has hidden assets. It can be quite difficult to track down money or other assets that your spouse doesn't want you to find without the right help. The second reason you might need a forensic accountant is to prove that your spouse was squandering marital assets.