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Are your finances prepared for divorce?

On Behalf of | Oct 21, 2021 | Family Law | 0 comments

Despite counseling, lengthy discussions and maybe even time spent apart, you and your spouse may feel that divorce is your best chance at reclaiming happiness. You feel prepared mentally and emotionally for the next chapter of your life in Florida, but have you prepared yourself financially?

Money Crashers offers a lengthy breakdown and financial tips aimed at divorce. Take note of how to set yourself up for financial success during and after your split.

Consider separate and marital property

Start considering which assets, property and other belongings are marital or separate property. Doing so gives you an idea of which assets (and their associated value) are solely yours. You will want to take note of how Florida approaches equitable distribution and determines which property might be separate.

Credit

Because you may need to seek out housing or make major purchases after divorce, take a look at your current credit score and report. Depending on the specifics of your credit report, your credit score may take a hit during the property and asset division process. Decide how much work you may need to devote to boosting your credit score. Additionally, know that you may still bear some financial responsibility for joint debts that you and your current spouse took on together during your marriage.

Bank account

If you and your soon-to-be-ex-spouse have a joint bank account, now is the time to go back to separate accounts. In regard to divvying up the current contents of the joint account, you may need to work out a plan during the divorce process or wait for the court to make a ruling. Be sure not to spend anything in your joint account until then.

Like any other major life change, approaching a divorce may take a little preparation upfront. Carefully considering and planning for the financial side of parting with your ex may help you have a more confident foundation as you craft your new future.