How Can I Protect My Finances During My Florida Divorce?
Divorce is a very difficult and emotional process, but it can also significantly impact your finances. There are, however, important steps you can take that will help you protect your finances from the very beginning of the process. Below, one of our Tampa divorce attorneys explains what these are.
Collect Financial Documents
There are many financial aspects of divorce including property division, alimony, and child support. You will need all of your financial information when resolving these terms of divorce, and having this information on hand can also help protect your finances, as it can also provide transparency and clarity throughout your case. Some of the most common financial documents to collect at the beginning of the process include:
- Tax returns
- Bank statements
- Property deeds
- Investment account statements
- Mortgage documents
Evaluate Your Financial Situation
Collecting your financial documents also makes it easier to fully evaluate and understand your financial situation. Document all of the assets you own, liabilities such as debt you are responsible for, along with your expenses and all sources of income. Having a clear understanding of your finances will help you make informed decisions when resolving issues such as alimony, property division, and child support.
Watch Your Credit
Protecting your credit score may not be top of mind when you are going through a divorce, but it is very important. Do not open any new joint accounts with your spouse, as they could incur debt in your name or make significant withdrawals from a bank account. Continue to monitor your credit reports so you can identify unauthorized activity right away and take action to correct it.
Create a Budget
Your financial situation will drastically change after divorce. Your household may only have one income instead of two and you may be ordered to pay alimony or child support. It is critical that you create a post-divorce budget so you do not suffer financially. If you were the homemaker during your marriage, you may also have to consider obtaining employment to support yourself.
Negotiate Effectively
Negotiating effectively is key when resolving property division issues and other disputes. Approach these negotiations with a clear understanding of your goals and priorities. You should also remain willing to compromise on property that is not essential in exchange for financial security. In Florida, mediation is required in most divorce cases and you may be able to resolve these disputes without going to court. You and your spouse may also be able to negotiate a settlement without entering mediation, if you can agree to all terms.
Work with a Divorce Attorney in Tampa
Divorce does not have to devastate you financially and with the right support and guidance, you can emerge from the process even stronger and more resilient. At All Family Law Group, P.A., our Tampa divorce attorneys can review your financial situation with you and guide you through the process so your rights and well-being are protected. Call us now at 813-672-1900 or contact us online to schedule an appointment with one of our experienced attorneys and to get the strong legal representation you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html
