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How to Protect Yourself Financially When Filing for Divorce

If you intend to file for divorce in Coral Gables, speaking with an attorney immediately is one of the best ways to protect your rights and to give you greater peace of mind about the process ahead.

One of the most important things you can do is to set up a consultation with a family lawyer as soon as possible after you have made the decision to file for divorce.

Protecting yourself financially may be one of your primary concerns as you engage in a divorce, regardless of your individual situation.

Both parties frequently emerge from a divorce with an array of financial challenges but you can help prevent this or minimize the impacts of this by doing your due diligence and speaking with a lawyer and following the steps below. Having a knowledgeable divorce attorney can also prove very valuable when filing for divorce.

Inventory All of Your Assets

As you contemplate divorce, inventory all of the assets between you and your spouse.

Anything acquired during the marriage is typically considered marital property and separate property would be anything that is a gift that was given specifically to you - an inheritance or property that you owned before the marriage.

Putting together this inventory of assets can even be helpful if you have a prenuptial agreement already in place.

Put Together Any Financial Records

In an ideal situation, you will be able to go to your attorney's office with five years’ worth of benefits information, bank statements, tax returns, payroll stubs, property information and investment accounts.

Having copies of everything and listing it in chronological order as well as keeping an additional copy in your safe deposit box is strongly recommended.

Having evidence of all these financial details can help make things a lot easier during the divorce specifically as it relates to division of property.

Also Read : Financial mistakes you should avoid during divorce

Close Joint Accounts and Open Individual Accounts

As soon as you and your spouse have made the decision to divorce, close any joint accounts. This is particularly important if you have shared credit card accounts with your spouse.

Open an individual account for yourself and close out any accounts where both of you have access to those funds.

To promote confidentiality, it's a good idea to use a bank other than the one where you currently have an account with your spouse.

You will need an individual savings, checking and credit card account that is only in your name. This can also be used to help build your own positive credit history after divorce.

Take a Look at Your Credit Report

In order to understand the potential impacts of divorce on your finances, you need to know where you're starting from. Evaluate your current financial situation by requesting a copy of your credit report.

Any outstanding debts that are on this report should be a chief priority for you. As you rebuild your credit on your own, you need to know what you're starting with and you need to report any inaccuracies or errors to the credit bureaus as soon as possible.

Understand Your Individual Expenses

Speaking with a lawyer and determining his or her rate for handling your divorce is important but you also need to think about how changing your home or splitting your finances with your former spouse will impact you personally.

If you have never had the opportunity to do it before, now is a great time to sit down and put together a budget. You have to know where you're starting from and the financial assets you will have.

As you put together this budget, do not necessarily count on items that are still yet to be decided by the Florida courts, such as spousal support or division of property.

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Meeting with an Experienced  Florida Divorce Lawyer for Legal Help

Ready to take your next steps? The first stage in preparing to file for divorce in Florida is meeting with an attorney.

Meeting with lawyers do not obligate you to separate or file for divorce, but it’s strongly recommended so that you are organized and prepared for the legal process that ensues once you file

A Florida divorce attorney can help make sure that your stress is reduced.

To learn more about whether contested or uncontested divorce is right for you, read this blog:

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The Estevez-Pazos Law Firm, P.A.

135 San Lorenzo Avenue, Suite 650
Coral Gables, Florida 33146
Fax: 305-234-7028
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