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Ways to prepare finances before a divorce

On Behalf of | May 4, 2024 | Divorce

The process of dissolving a marriage in Florida will ultimately bring about many significant life changes. Most people will agree that just thinking about a divorce is enough to induce anxiety. Divorce is a major life event that is notorious for being expensive and time-consuming. However, making the right financial preparations can ensure that ending a marriage does not do long-term financial damage.

Keep track of expenses

As soon as divorce is certain to happen, start tracking household expenses and income. Be sure to include clothing, transportation, household bills, food, entertainment, home maintenance and anything else that money is spent on. This information will help with building a post-divorce budget and could also prove invaluable when it comes time to split assets and debts and assets.

Gather important documents

As soon as possible, begin gathering and organizing important financial documents. Financial records will tell the story of the marriage’s economic health. Start with bank account statements, investment accounts, retirement accounts and loan information.

Refrain from major decisions

Do not make any big financial decisions at this time, as tempting as it may be to get a jump on things. The divorce proceedings will likely determine most of the major financial changes like estate plans and amending beneficiaries on retirement accounts. Making these types of changes before the divorce is finalized may result in the judge awarding the other party. One of the most important things a person can do before undergoing a divorce is to obtain the appropriate legal support. Those in Florida who may be headed for divorce could get help by consulting an experienced and knowledgeable family law attorney.