Take Control Blog
Given the emotional state of most recently divorced couples, there is a resulting tendency to “put things off” until things settle down. Well, life teaches us that procrastinating usually leads to problems that will cost us time, money or both. Paula is a 48 year old woman divorced about 10 years ago. During the term of her marriage to Anthony, Paula’s parents gifted one of their beach rental properties to Paula.
It’s common that in a divorce one of the parties retains the marital home, which was previously owned and titled jointly. During the time of the marriage, the couple most likely filed for Homestead Exemption (HE) on the property. In Florida, Amendment 10 (Save Our Homes Amendment) prevents the assessed value of a homestead property from increasing more than 3% per year, or the percent change in the Consumer Price
Why is post-divorce administration so vitally important? A divorce decree, including the associated MSA, is merely a contract between the parties to the divorce, and not binding on any third parties. With the emotional and financial toll that a divorce takes, it’s understandable why one or both parties to the divorce might just want to “move on with life” and not deal with the myriad of post-divorce administration issues. However,