Financial preparation for a divorce
When Florida couples decide to get a divorce, they can take certain actions that may help protect them financially. It is important to not put too much stock in advice from friends and family. While that advice may be well-meaning, it may also not apply, as everyone’s circumstances are different. It may be better to speak to legal and financial professionals about any questions that might arise.
Tracking household expenses can help in creating a budget and anticipating how property division may play out. Also helpful in this regard is gathering documentation such as tax returns, bank and credit card statements, retirement account information and loan balances. People who want to gather this information without the knowledge of the other spouse should be aware that if they request paperwork about joint accounts, that request does not have to be kept confidential from the other person on the account.
While people should prepare for the possibility that a spouse may be resistant and make the process more difficult, it is still important to avoid any financial missteps. This includes unusual spending. People should also wait to make changes to estate planning documents such as wills and beneficiary designations.
Divorce can be a difficult process. It is a time when emotions may be high, yet it may also be necessary to make complex decisions during that stressful time. An attorney may be able to help a person understand all of the available options and their advantages and disadvantages. For example, people might wonder whether they should keep the family home or not. Considerations an attorney might bring up may include the cost of upkeep, the issues around buying out a spouse and the time it may take to sell the home.