The Financial Implications of Divorce in Florida: What to Expect and How to Prepare
Divorce is stressful. It is never easy to end a marriage—even if you know that it is ultimately the right decision for your future. Finances are one of the big stressors associated with divorce. It is crucial that you know what to expect and that you are ready for any financial challenges. Here, our Clearwater divorce lawyer explains what you should expect and how you should prepare for a divorce in Florida.
You and Your Spouse Must Untangle Your Finances
Separating your finances is one of the key logistical aspects of a divorce. You and your spouse must untangle your finances—from bank accounts to joint property to bill sharing—and set yourself up for an independent future. Notably, under Florida law (Florida Statutes § 61.075), a divorcing couple’s marital property is subject to equitable distribution. In effect, each spouse will get their “fair share” of the marital (joint) property. They will retain full control over their separate property.
Preparing for Divorce in Florida: Financial Issues
Divorce is not only the end of a marriage, it is the end of a specific type of relationship—and it triggers major financial changes. Remember, in Florida, the law mandates an equitable distribution of marital assets and debts. To apply the standard, you should be ready to disclose all financial assets and liabilities. Indeed, the spouses should be prepared to make financial disclosures in regards to everything from real estate to bank accounts to retirement funds to outstanding debts. Further, alimony (spousal support) may also be appropriate in your divorce case.
How to Prepare for the Financial Implications of a Divorce in Florida
A proactive approach can make it easier to manage the financial implications of a divorce. Here are five key steps to take if you are preparing to end your marriage in Florida:
- Gather Financial Documents: To start, you should compile all relevant financial information, including tax returns, bank statements, pay stubs, and investment accounts. Not only are financial disclosures required, you need a clear picture of your finances.
- Assess Joint Assets and Joint Debts: You should identify all marital property and debts. You need to know the value of assets. Along with other things, you may need to appraise real estate, evaluate business interests, and confirm balances on joint accounts.
- Open Individual Accounts: As you move through the divorce process, it is time to start opening your own financial accounts. You should establish your own bank and your own credit accounts so that you can begin the process of separating your finances.
- Develop a Budget: You need a comprehensive financial picture. It is crucial that you have an understanding of your income (and expenses) following a divorce. You should create a post-divorce budget that you can rely on.
Set Up a Confidential Consultation With a Clearwater, FL Divorce Lawyer Today
At the Law Office of Gale H. Moore P.A., our Florida divorce attorney is standing by, ready to protect your rights and your interests. If you have any specific questions about the financial implications of divorce, please do not hesitate to contact us today. From our Largo office, we provide family and divorce representation in Clearwater and throughout Pinellas County.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
