Photo of Drew Wood

Tips that can protect people financially during a divorce

On Behalf of | Apr 3, 2018 | Divorce, Firm News |

When Florida couples get a divorce, they may want to take steps that will help protect their finances. For example, couples might want to separate their joint accounts and open individual ones. They may also want to review their credit records to make sure they are aware of all accounts and should avoid taking on more debt.

While they might want to use a personal account to save for a divorce, it is important that couples be transparent with one another so it does not appear they are trying to hide assets. For example, a person should inform the other spouse if removing something valuable from the home, and neither should take all the assets from a shared account. A person who is concerned about a spouse destroying valued possessions might remove those possessions but should include them on the list of assets filed with the court. People can also get copies of documents related to assets and take photographs of any objects that are valuable. They may also want to get a post office box for privacy.

In some cases, one spouse may have been the breadwinner. The other spouse might be unfamiliar with the household finances and might need to learn about them as well as about the value of assets such as retirement accounts. That spouse may also need to do some job training.

It can be important for people to protect their money and assets during a divorce because divorce may leave some people struggling financially. However, it is also important that they attempt to negotiate fairly with each other during the divorce. While dividing property and negotiating child custody may be an emotional process, people should not delay the progress of the divorce even if they are angry. Mediation may help some couples resolve these issues.