High Inflation, Investment Balances, And Divorce
You have likely had discussions about the current economy with friends and family lately. Inflation is impacting grocery bills and monthly budgets while shifts in investment balances have individuals close to retirement wondering if they should handle their portfolio differently. Because asset division and maintenance payment are part of the divorce process, economic issues are on the mind of many couples ending their marriages, too.
There are many worries and concerns when you are separating and divorcing in Florida. Connecting with a Tampa divorce attorney as soon as possible can help to ease your mind. Once you share the financial situation of you and your spouse, a lawyer can share possible divorce agreement options with you. Then, they will fight for your goals and negotiate with your spouse’s attorney on your behalf.
Investments Will Be Assessed at Fair Value
When assessing the value of assets to distribute, the fair value of investment balances will be used. This means how much investments are currently worth. Sometimes this is difficult for one or both spouses to accept as their investment could have been worth far more in past years or they expect the investment to gain value in upcoming years.
If you want to retain stock because you believe the asset will become more valuable, that could be one of your objectives. But if you have other priorities that are more important to you, such as a desire to become the sole owner of a vacation property you and your spouse currently share, you may have to accept that the stocks will be sold and distributed or that your spouse will retain the stocks so you can take another asset, in this example the vacation home.
Monthly Support Options and Personal Incomes
The personal incomes of each spouse and other resources will be considered when it comes to support payments, either spousal maintenance payments or child support payments. But it is important to realize that the calculations are done with the current incomes of each spouse. If one or both spouses have a large shift, such as a huge income increase, those payment plans could be modified. Filing for a modification is done at a later date, after a divorce has been finalized.
Today’s economy has led to many people having questions about their investments, and this is true for couples who are ending their marriages as well. An experienced Tampa family law attorney has the background needed to create a strategic approach for your unique situation.
Are you separating and want to talk about asset division, including investments? To learn what is possible given the details of your situation, talk to the legal team at HD Law Partners. Our experienced attorneys will review your case and listen to your objectives. The strategy for a person without kids who is seeking spousal support will be different than a parent who is seeking full custody and retention of the marital home. Our attorneys have the skills and knowledge to make your goals a priority. Call 813-964-7878 to schedule a free consultation.