Recently on this blog we discussed how marital homes can be dealt with during the divorce process. Dividing assets like the marital home can be challenging given the value and the emotions attached to them. Yet, an individual cannot let sadness or anger blur their vision when it comes to property division. If they do, then they may wind up on the losing end of an agreement, which can set them on poor financial footing when they start their post-divorce life.
There are many legalities that must be addressed during the divorce process. Child custody, child support and alimony often take a lot of attention, but the outcome of property division can be crucial to one's financial position post-divorce. Although Florida recognizes equitable division of marital property, this does not mean that marital property has to be divided equally. This gives the parties to a divorce some flexibility to negotiate a settlement that fits their particular needs.
Traditionally, married couples in Florida and elsewhere have shared everything, including bank accounts. That trend is slowly changing, though, especially as Millennials appear to be redefining traditional marriage. In fact, a recent study found that more than a quarter of all Millennial couples are ditching jointly held bank accounts in favor of separate accounts. This number is more than double the rate at which couples in Generation X and the baby boomer generation opted for separate bank accounts. One reason for this change may be the fact that it is easier for couples to repay each other, especially given the number of apps available to make these transactions quick and simple.