When you get married, you likely think that the union will last forever. You probably aren’t thinking about what will happen if the marriage doesn’t work out. When the marriage ends, dealing with the financial aspects of the divorce can prove to be a challenge. There are, however, some basic points to consider if you are getting a divorce.
One thing that you have to do is to get a credit report. This can help you to determine if there are any unknown accounts that need to be dealt with during the divorce. It is also a way to discover hidden assets that might need to be covered when you deal with the division of marital property.
When you file for divorce, you should open up a checking account and other financial accounts in your name to get your own financial identity. Florida is an equitable distribution state, so both spouses are equal owners of all assets acquired over the course of the marriage. This means that anything that is obtained during the marriage would be distributed evenly, regardless of whose name is on the asset.
After the divorce, you have to make sure that all assets are re-titled to reflect the settlement. You also have to make sure that beneficiaries on assets reflect your wishes after the divorce.
Completing property division during a divorce can be difficult. Seeking the assistance of a Florida divorce attorney might help you to ensure your interests are protected as you go through the divorce process so you can enjoy a fresh start.
Source: Miami Herald, “Financial advice for divorce: It’s a business deal, so keep emotions out of it” Julie Landry Laviolette, Feb. 28, 2014
