Divorce is an extremely difficult process for most families, involving a significant amount of mental, emotional, and financial change. Marriage is a legally binding institution that often entails a large amount of shared property, particularly if there are children involved, and making disentanglement and negotiation a typically arduous process. Out of all of the many changes that divorce can bring, rearranging your finances can be one of the most complicated and difficult. The divorce process itself also is mostly centered around monetary arrangement, so you should prepare yourself to spend a lot of time discussing your finances with lawyers and with each other, and know that they likely will look extremely different than what you are used to. It is essential to be prepared for a divorce in order to make it go as smoothly as possible, so you should start preparing financially for the divorce even before you file. Read on to learn more about preparing financially for a divorce and how to get organized as you go through this difficult process.
Financial Preparation For Your Divorce
Everybody wants to have a successful and efficient divorce, and the way to expedite the process and make it less strenuous is to spend some time getting organized and preparing yourself financially before you even file for divorce. By going into the divorce process blind, you will find yourself scrambling and coming out with a worse end game. Below are some tips on how to financially prepare for a divorce in Florida:
- Organize your finances: It may seem obvious, but to shape your future financial life, you need to have a thorough understanding of your current financial life. This means going through your financial records, looking at exactly how much you spend, and how much income you bring in. It will pay off in the long run to keep track of all of these things, if you aren’t doing so already.
- Understand your partner: You can’t be in the dark about your spouse’s finances if you enter a divorce. If you ask for alimony, you should have a clear picture of their exact spending habits and income. You don’t want to wait until a confrontation happens in the courtroom to realize you’re clueless about your spouse’s finances. In the state of Florida, you own half of all assets your spouse brings in during the marriage, so make sure you know just as much about their monetary situation as you do regarding your personal finances.
- Get your documents in order: Collect and compile all of the financial documents that you can find going back at least two years. This doesn’t just mean pay stubs, but also credit card statements, financial statements, tax returns, and any proof of additional income. Make and keep copies of all these documents to have at hand, especially when you speak with your attorney.
- Calculate expenses: If you plan on asking for alimony, you should estimate your day-to-day expenses. Your expense calculations need to cover your life as it is, not only the bare minimum you could live on. Beyond mortgage, rent, and utilities, you should calculate how much you currently spend for eating out, filling up the car, and getting your hair done- everything you regularly do. Your lawyer will work with you to see if your spouse can afford the actual expenses you have.
Contact Us Today
Getting your finances in order is the first step of preparing for divorce. If you’re seeking expert divorce attorneys, call Swickle & Associates in Fort Lauderdale, FL for a consultation today.