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Financial steps to take before you file for divorce

On Behalf of | Dec 4, 2019 | Firm News |

Once you decide to file for divorce in Florida, you may want to take a little time to get your finances in order. Doing this can help you during your divorce and after. Money may be tight throughout the process, and afterward, you need to adjust to a one-income household, which can be a challenge. So, understanding your finances before you even start the process is beneficial. 

NerdWallet explains that you may be able to discover financial issues that you did not know about previously. You also will be able to gather information the judge may need when dividing your assets and making decisions about child and spousal support. 

Track your expenses  

You should track all of your expenses. Think back over the previous year and include even significant expenses, such as vacations. This helps you get a good idea of what it costs to maintain your lifestyle. Furthermore, it gives you a reference when making changes to adjust after the divorce. You may be able to see where to cut costs to save money as well. 

Get documentation in order 

It is also a good idea to gather the information you need for the divorce. This includes titles, pay stubs, tax forms, account details and other financial documentation that the court requires. 

Watch your spending 

You may continue to spend on regular expenses, but be careful with excess spending, especially if you use a joint account. You want to avoid giving the impression that you are trying to deplete an account before filing for divorce. In addition, if you set out to ruin your spouse’s finances, you may only end up hurting yourself. 

Taking care of financial matters before you file for a divorce is a smart move. It may save you a lot of hassle and make it easier to move through the divorce process. Plus, it is helpful after the process when you start fresh on your own.