Money Secrets You Should Know When Divorcing
Approximately half of all marriages end in divorce. While ending a marriage is common, it’s still unknown territory for those who are going through it for the first time. You likely don’t know what to expect. You might not even know where to start.
The most important things you need to worry about are money and assets. These will be split in a divorce, so get an idea of what you have and how divorce will affect it.
Be prepared for your divorce. Here are some secrets about money that you should know ahead of time.
Don’t Let Emotions Take Control
Divorce is one of the most emotional events a person will go through. Divorce is like a roller coaster ride, and It’s understandable to feel upset and stressed out. However, you need to keep your emotions in check. You don’t need to seek revenge. Avoid being spiteful with your ex. Otherwise, they can cause you to do silly things and make you spend more money on legal fees than you really need to.
Be Familiar with Your Finances and Assets
Even if you let your spouse handle the bills, you should have a general idea of your financial situation. What assets do you have? What is your largest asset? It may be the house, but it also may be a retirement account. By understanding what marital property you have, you can come out ahead in the divorce.
Anything and Everything Can Be Split
All assets (and debts) are subject to split in a Florida divorce. Your furniture, your books, and even your frequent flier miles on your credit card can be divided. So keep in mind that everything is fair game in a divorce. Don’t think your personal items are immune.
Don’t Hide Assets
Keeping the previous tip in mind, hiding assets won’t keep them from getting divided. It’s better to be honest and declare everything upfront. Not only is it the ethical thing to do, but concealing assets is also illegal. You could face harsh penalties, including fines and even jail time.
Before you walk out the door, gather key documents first. Make copies of financial statements and other documents that show assets and debts. It may be a good idea to take photos of assets you have as well. Preparation is key, as it will save you money and give you a better outcome.
Buy Those Big-Ticket Items Now
Thinking about divorce, but need a new car? You won’t be able to make a huge purchase once the divorce is underway due to state law. Therefore, if you need to make a large purchase, do it before you file for divorce.
Seek Legal Help
If a divorce is in your future, make sure you plan ahead. Be familiar with your finances and assets. Collect all the information you need before walking out the door.
Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. will make sure you’re well-prepared. We’ll guide you through the divorce process. Schedule a consultation with our office today by calling 954-764-4330 or filling out the online form.