Organize Your Finances When Preparing For A Florida Divorce
When you are preparing for a divorce in Florida or any other state, there are many decisions to consider. And sometimes it is family finances that bubble to the top of the list. After all, you need to have a full picture of assets and debts to be able to plan for your future. Understanding what is possible regarding asset division is not always easy. When you work with a Port St. Lucie divorce attorney, an experienced professional can guide you through the process each step of the way.
Get Organized as Early as Possible
Going through the divorce process can be extremely emotional. But a bit of organization can help to smooth the transition. When your lawyer knows about what assets are held and if there is any outstanding debt, they can strategize a plan. If you suspect your spouse is hiding assets, be sure to share that information as well.
Some find it helpful to go through the organization process. It is something you can control, and taking the time to gather and assess documents can help you obtain the best results moving forward.
A few ways to get started with financial organization:
- Gather all of your records. To obtain an accurate picture of your finances, you will need to have all of your documentation compiled. This includes your income and your spouse’s income as well as investment accounts, retirement accounts, loan balances, insurance policies, and trusts.
- Properties and debts. If debts have been accumulated how they will be dealt with will need to be discussed. Major questions must be addressed, such as who will carry the credit card balances and what happens to mortgages. There are nearly infinite solutions that can be tailored to your family. One party can hold additional assets and debts, some debts maybe shifted to a party more capable of addressing the debt, or all assets can be sold to satisfy the debts. The combinations are endless.
- Redo your budget. When couples separate, household budgets typically have to adjust as well. Once you know what your financial picture will be post-divorce, start living on that income amount now so the transition will not be abrupt.
Preparing your finances is a path to saving money, stress, and time. Once your lawyer is familiar with your financial figures and any premarital agreement, they will be able to protect your interests.
Talk to a Florida Divorce Lawyer Today
With so many decisions to make, divorce can feel as if there is too much to manage. But when you are proactive and organize your financial figures, you will be strengthening the possibility of having the security you want once the divorce is finalized. Once a Port St. Lucie divorce attorney understands what is important to you, whether that is spousal support or keeping the family home, they have the experience to make it happen
Are you unsure how to secure the financial future you want following a divorce? Legal proceedings are often confusing and difficult to grasp, especially in such an emotionally trying time. At Baginski, Brandt & Brandt, our top priority is to take care of your needs and ensure that you are being well-represented. If you have any questions or you find yourself in need of legal help when preparing for your divorce, please do not hesitate to contact our team of family law attorneys today.