Financial Steps to Help Prepare for Divorce

For some couples in Florida, the decision to get a divorce can be easy. However, for others, it is a difficult decision to make because the love for one another is strong, but there is just something missing in the relationship or one spouse has done something that the other maybe resents. The reasons for wanting a divorce are endless, but before making that huge step, there are a few things that Florida residents should consider.

First off, one should be aware of what is at stake. Consider your home's worth for instance. What it is actually worth may not be anywhere near what you receive because of equity line of credit and the mortgage balance.

Tabulate all household expenses such as health care, food, utilities, car payment, mortgage payment, insurance payments, and any other regular monthly expenses while taking note of the expenses that could be cut back or eliminated because they aren't necessities.

Florida couples should also make certain that they are well aware of not just their own annual income, investments and assets but also their spouses. In some cases, a divorce settlement will split everything down the middle, but not every divorce is that simple. Therefore, in order to receive a fair settlement, it is critical that one be fully prepared with information about the family's assets.

One should also work to ensure that their credit stays the same or gets better. Don't be late on payments. In addition, stash the original copy or make copies of all important papers such as insurance policies, birth certificates, and passports, and put them in a safe place such as a safe deposit box. One will also want to change passwords and codes that the other spouse is aware of for privacy reasons. Last but not least, be aware of yours as well as your spouse's current income and future potential, which could play a huge role in the divorce settlement.

All of this can be done before, during or after you make the decision to file for divorce. However, the sooner one can perform these actions, the better. All the above-mentioned steps can help one to have a better financial perspective, which ultimately could help in the divorce and especially after the divorce when one is leading their own life.

Categories: Divorce, Finances