How to Get Financially Ready Once You’ve Decided on a Divorce

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Just as important as what you do in the courtroom is how you prepare. Divorces are often more complicated than the average person would expect, which can lead to a lot of confusion when it comes the time to take action in the courtroom. In order to ensure the best outcome for your divorce case and keep things running smoothly, it’s important to prepare yourself. A little preparation can make a big difference in a divorce, and these are some of the best ways to get yourself ready for your divorce case:

Organize Your Financials

As you are likely well aware, one of the major pieces of a divorce is the division of assets. As such, it’s important to properly prepare your finances – not only so you can have a clear picture of the marital assets, but so that your attorney and the court can as well. The divorce process involves a lot of negotiation and tradeoffs between parties, and without a full picture of the marital assets to be divided, you may end up with an unequal split. The most common marital assets are the family home, vehicles, and bank accounts. There are a few often overlooked assets that could cause trouble, including stocks, cryptocurrency, and even airline miles. Be sure to account for all significant assets, and bring as much documentation as possible, including purchase receipts, appraisals, and any other important supporting documentation.

Account For Your Debts

A lesser-known aspect of divorce finance is how debt is handled. Similar to marital assets, debt will be divided fairly between the spouses. This means that debts such as credit card debt will be taken into consideration when dividing assets. If a spouse takes possession of the single vehicle used by both spouses, they may also be compelled to take on more debt than the other because they received a higher cumulative value in assets. Ideally, the court will use the value of your assets and debts to ensure both spouses are given an approximately equal share of the overall value of the marital estate.

Prepare for After the Divorce

Once everything is finalized, there will be an adjustment period as you get used to a new way of living. You may have new bills to pay that your spouse used to take care of. Maybe you are now paying child support. Whatever the new circumstances may be, make sure you keep an eye on things so that you understand what your responsibilities are moving forward and adjust your budget accordingly.

If you believe a Divorce is the right path for you, contact the Divorce & Mediation Law Firm today and let’s discuss your situation. Or call our offices at 954-388-7836 to consult with a South Florida Divorce Attorney.

There is a happy life waiting for you. Our trusted Legal Team provides bilingual legal services in Broward and Miami-Dade Counties. We handle all financial aspects of Florida Divorces, including Mediation, Postnuptial Agreements, and Asset Protection.

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Our easy-to-use kits will provide some answers to your questions and get the ball rolling to enable you to move through the process as quickly as possible.

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