How to prepare for a divorce

On Behalf of | Jul 27, 2020 | Divorce

When spouses in Florida are getting a divorce, they should take several steps to protect themselves financially. It’s important to collect as many financial documents as possible, such as tax returns and bank statements, and put copies of them somewhere safe. They should also inventory all their belongings and take photos or videos of valuables.

There are many ways for a soon-to-be ex to separate their finances and safeguard some of their own money. However, it may be wise to take these actions after a consultation with an attorney. It’s important that individuals do not mishandle shared property or appear to be hiding assets. With this in mind, spouses may want to consider opening a separate bank account that they deposit money into. This can help pay for the divorce and help with living expenses while the divorce is underway. Those who have not established their own credit might want to consider applying for a credit card or line of credit. Another consideration is getting a post office box so mail can be sent there instead of to their home.

Spouses might also want to think about making changes to their estate plan. This could include changing the will. For some beneficiary designations, it’s necessary to get the spouse’s approval or wait until after divorce.

In fact, an individual whose spouse wishes to make estate plan changes before the divorce is final may want to discuss this with an attorney. This could be particularly risky for an individual who has few assets; if the spouse dies before the divorce is final, the individual could be left with nothing. Therefore, the couple might agree that revisions to the estate plan will only be done after the divorce.