On behalf of The Law Office of Gustavo E. Frances, P.A.
For many individuals in Florida and elsewhere, fears of surviving financially are a big concern during and after a divorce. The uncertainty of divorce on one’s financial status can be frightening to some, especially for those who did not exert a great deal of control over the financial issues during the marriage. A divorce raises the need for those persons to educate themselves and become well-versed in their financial future.
There are some guidelines that a person may find useful to follow regarding the financial aspects of a divorce and its aftermath. One initial step is to copy one’s bank accounts and other documents relating to assets owned. This may include mortgages, tax returns, deeds and agreements. It may also involve investment accounts, retirement accounts, insurance policies and anything else relating to one’s finances.
The record copying can help to familiarize the individual with the nature of all assets owned individually or as marital property. In that connection, having a copy of one’s credit report will assist in describing a full financial picture. When a separation is pending, there will hopefully be communication and cooperation between the spouses in deciding which accounts to close and how to divide all of the marital assets.
Where there is no cooperation, or an attempt by one spouse to withdraw and confiscate marital funds, it is usually prudent to quickly consult with an experienced divorce lawyer. It may be necessary to seek a freeze on certain accounts until ownership and distribution issues can be decided or negotiated as part of an agreement. It is also useful to know that each asset may be valued in different ways.
For example, the marital home may have certain features that make it more important than a liquid asset, or an investment account may be viewed as significantly more valuable than the home under other criteria. Whether the divorce is in Florida or another state, there are numerous financial advisers available who concentrate in divorce actions. The divorcing or divorced spouse may find it helpful in some cases to consult with that kind of professional to obtain further financial guidance.