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Making financial preparations for divorce

by | Feb 24, 2017 | Divorce, Firm News |

Divorce was never the plan, but when it’s on the horizon it’s important that you start making a plan for yourself. Your future and your assets depend on how you approach the divorce and how and when you acquired your assets.

In Florida, marital property refers to anything acquired during your marriage. Without an existing prenuptial agreement, it is typically divided evenly between both parties, through either divorce court or mediation.

Assets can’t always be cut down the middle.

The types of assets you own influence the decision and the approach. There are special rules in place for different items, including inherited property, retirement accounts, gifts and businesses.

To secure your property and to make sure that you get a fair share and don’t lose anything of sentimental value, you need to establish yourself for a single future as you’re also preparing for divorce.

For anyone with unique and high value assets, it’s important that you work with professional advisers who understand the nuance of your property and its complex tax and regulatory structure that could be influenced through a change of ownership. Business owners should seek business advisers, while real estate matters deserve other specialized attention.

Prepare for your independence.

Besides aligning advisers to protect your property, you’ll need to establish your own individual credibility again. Joint property was not in your name only, and it will not be in your individual credit report. Before a divorce, you’ll need to check your credit score and open new accounts solely in your name to re-establish yourself.

Divorce is an end, but also a new start. You’ll want to make sure you get off on the right foot. Anything in both your name and your spouse’s needs to be changed over.

The sooner you get started on the changes, the sooner your own identity will take shape to creditors and investors. When facing divorce, it’s easy to focus on the division of assets, but it’s just as important to work toward establishing your own financial record as the process unfolds.