Most Florida couples have their finances closely intertwined. After having their finances entwined for many years, some couples can have a hard time separating them as they prepare for divorce.
Separating your finances may be one of the hardest steps in a divorce or separation, but it’s necessary. While every divorce is going to look different based on the needs of the couple and the assets that they share, there are a few things that Florida couples can do to help make the process go smoother.
What’s the first step to separating the finances?
One of the first things you want to do in any divorce is consult your lawyer. He or she will advise you of the next steps when it comes to your exact situation.
After you’ve talked with your lawyer, you will want to go through all your finances and assets. See what assets and accounts have both your names on them and which ones list just your name.
Assets include houses, motor or recreational vehicles, bank accounts, 401(k)s, and any investments. You should expect any accounts that have both your and your soon-to-be ex-spouse’s names on them to be split 50/50 during the divorce, but anything that has just your name on it is likely to get pulled into the divorce proceedings.
What comes next?
After you’ve gone through all your assets, you’ll want to look over any loans or other bills that you and your spouse have in your name. These can be things like personal loans, credit cards, student loans and other financial burdens.
You’ll also want to try and guess what your life as a single person will look like. Doing this process early can make things easier for you and your lawyer as the divorce proceedings go on.
As you’re preparing for divorce, you also don’t want to take out any extra debt, quit your job or do anything else that would majorly change your financial situation. Consult your lawyer before making any major financial decisions to see what the best move will be.