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Platt Hopwood Russell & Cole PLLC
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Preparing financially for divorce

| Jul 21, 2021 | Divorce |

For people in Florida, getting divorced might involve significant emotional conflict and bitter disputes. When people take steps to prepare for divorce before telling their spouses that they want to end their marriages, they might be able to reduce some of the conflict and expenses that may otherwise be involved.

Preparing finances for divorce

Before people file petitions for divorce or tell their spouses that they want to end their marriages, it is a good idea to do several things to prepare their finances. They might want to speak with a financial adviser to consider what their post-divorce budgets might look like and to understand the potential financial impacts their divorces might have. They should track all of their expenses and be conservative with spending. Gathering copies of important financial documents before filing for divorce is a good idea since it will be much easier to secure these documents before the process than after the case has been filed. Some of the documents that should be gathered include the following:

  • Income tax statements for the past three years
  • Deeds and titles for all real property and motor vehicles
  • Recent retirement account and pension statements for both spouses
  • Most recent investment account statements for both spouses
  • Recent paystubs or wage statements for both spouses
  • Bills and credit card statements
  • List of assets and debts brought into the marriage by each spouse and those accumulated after the marriage
  • Bank and savings account statements for the past 12 months

It might also be a good idea for people to get current copies of both spouses’ credit reports to identify any new debt either spouse might have entered into. Finally, opening a separate bank account and making changes to direct deposit information for their jobs might be a good idea.

While divorce is rarely easy, taking steps to prepare in advance might help people to avoid some of the negative financial consequences that could otherwise occur. An experienced divorce attorney may provide guidance about the steps that people might take to make the process easier and may work closely together with his or her clients’ financial advisers to minimize the impact of divorce.

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