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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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.

Divorce & Mediation Law Firm | Cabanas Law Firm
18503 Pines Blvd, Suite 301
Pembroke Pines, FL 33029
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Sergio Cabanas, Esq. | Family Law Attorney | Cabanas Law Firm

Sergio Cabanas, Esq. founded the Cabanas Law Firm in 2006 and provides Divorce and Family legal services, as well as Estate Planning, to ensure his clients have planned for their newly single life and are protected after their divorce. He began his career in law in 1992 as a prosecuting attorney at the Broward County State Attorney’s Office, then continued his litigation track as an insurance defense attorney defending medical professionals against medical malpractice claims and expanded into disability and life insurance claims. Sergio is a Certified Mediator registered in the Supreme Court of Florida and a frequent speaker in the community about the importance of Estate Planning to keep families out of probate court and to prepare essential instructions in the event of disability or incapacity.