Divorce is a difficult and emotional process for anyone to go through, but it can also be financially devastating if you're not prepared. During a divorce, financial issues are often at the forefront of discussions, and it's important to know what steps you can take to protect yourself. In Florida, divorce laws can be complex and vary from other states, so it's essential to understand your options. In this blog post, we'll discuss how to protect yourself financially during a divorce in Florida.
Tips for Protecting Yourself Financially During a Divorce in Florida
In the aftermath of a divorce, you want to start the next chapter in your life on solid ground financially. That’s it’s so important to protect your finances during the divorce process. The following are a few tips that can help you protect yourself financially during a divorce in Florida:
- Understand the laws in Florida – Florida is an equitable distribution state, which means that marital property is divided fairly, but not necessarily equally, between the spouses. This means that all assets and debts that were acquired during the marriage are subject to division in a divorce. Understanding these laws is essential to knowing what you are entitled to and how to protect yourself.
- Organize your finances – Before filing for divorce, it's important to take an inventory of your finances. Make a list of all bank accounts, investments, debts, and other assets. This will help you identify what you want to keep and what is up for negotiation. It's also wise to close out any joint credit cards or bank accounts to avoid further debt accumulation.
- Hire a reputable attorney – Divorce can be complicated, and the laws in Florida can be difficult to understand for those who are not familiar with them. Hiring an experienced divorce attorney can help protect your interests and ensure that you get a fair settlement. A knowledgeable attorney can also help you negotiate with your spouse and their legal counsel, and help you understand the potential consequences of any decisions.
- Protect your credit – During a divorce, it's essential to protect your credit. If you have joint credit accounts with your spouse, make sure to close these accounts to avoid accumulating more debt. Additionally, consider freezing your credit to prevent any fraudulent activity. Be sure to check your credit report frequently to monitor for any unauthorized activity.
- Plan for your future – Finally, it's essential to plan for your future after a divorce. This includes creating a new budget, finding a new place to live, and planning for any changes in your income. It's also wise to update your estate plan, including your will, power of attorney, and healthcare directive.
Divorce can be a stressful and overwhelming process, but it's important to take steps to protect yourself financially. By understanding the laws in Florida, organizing your finances, hiring an experienced attorney, protecting your credit, and planning for your future, you can ensure that you have a fair and equitable settlement. Remember to take the time you need to make informed decisions throughout the process, and don't hesitate to seek out professional support if needed.
At Orshan, Spann & Fernandez-Mesa, our experienced divorce attorneys in Miami-Dade have been guiding clients through the divorce process for years. We understand how stressful the divorce process can be emotionally, mentally, and financially. That’s why we’re ready to carry the legal burden for you and help ensure that your financial interests are fully protected throughout the divorce process.
To learn more about Orshan, Spann & Fernandez-Mesa, read our clients’ reviews.