Divorce can be an emotionally challenging and stressful experience for anyone who goes through it. It's a significant event that impacts all aspects of your life, including finances.
In Florida, protecting your financial interests during divorce is essential to ensuring financial stability in the post-divorce future. In this blog post, we'll explore some tips on how you can safeguard your finances during the divorce process.
Understand Florida's Property Division Law
Florida's divorce laws are based on equitable distribution, meaning marital property and debts are divided fairly but not necessarily equally. It's essential to know what assets and debts fall under the category of marital property and which ones are separate. Understanding these laws will enable you to prepare for any financial negotiations that may arise.
Hire a Financial Expert
Reach out to a financial advisor to help you assess the true value of joint assets and debts. Most couples have significant debts, including mortgages, car loans, and credit card debts. It can be hard to understand the full value of these debts during the divorce process.
A financial expert can identify all joint liabilities between parties and ensure you secure your fair share of assets. They may also provide guidance about how to move forward from a financial perspective.
Gather Financial Information
Having a detailed understanding of your financial situation is crucial when navigating the divorce process. You will need to collect and analyze your financial documents, including bank statements, tax returns, retirement accounts, and credit card statements.
It will help if you are familiar with your assets and debts, including expected monthly bills and expenses, future costs, and any outstanding balances.
Seek Legal Assistance
Working with an experienced divorce attorney in Florida will help protect your financial interests throughout the process. Their role is to represent your interests and ensure any final agreements are fair and equitable.
An attorney will advise you on the issues specific to your situation and offer legal guidance on property distribution, alimony or spousal support payments, and other financial matters.
Establish A Post-Divorce Budget
During the divorce process, it's important to create a post-divorce budget that outlines your expected living costs, including mortgage or rent payments, utility bills, and other necessary charges. Developing a budget will help you understand your potential financial needs after the divorce and be better prepared to manage your finances in the future.
Update Your Estate Plan Following a Divorce
According to Florida Statute 732.507(2), if a testator's marriage is dissolved, any provision in their will that pertains to their ex-spouse is no longer valid, regardless of when the will was executed. In the event of a divorce, the will should be interpreted as if the ex-spouse had passed away at the time of the dissolution of the marriage.
While it's true that Florida law automatically revokes certain provisions of a will or trust following a divorce, it's still important to update your estate planning documents after a divorce. This is because there may be other beneficiaries or fiduciaries named in your will or trust that you no longer wish to include. Additionally, if you have minor children, you may want to establish new guardianship arrangements or modify existing ones. Updating your estate planning documents can give you peace of mind and ensure that your wishes are clearly stated. Furthermore, life changes such as new assets, debts, or changes in relationships may warrant a review of your estate plan to ensure that it remains relevant and up-to-date.
Seek Help with the Divorce Attorneys at Owenby Law, P.A.
At Owenby Law, P.A., our experienced divorce lawyers are dedicated to helping clients protect their financial interests during and after the divorce proceedings. We understand that this can be a difficult time, and our goal is to ensure you feel empowered in the process.
Contact us today at (904) 770-3141 to learn how we can help you through divorce proceedings.