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Making Financial Preparations for your Divorce

Division

Once you and your spouse have determined that your marriage is over, it is time to start planning for your divorce. There are a lot of things you can do before you begin the divorce process to make it easier for yourselves. One is to each start working with your own divorce lawyer shortly after determining that your marriage is over. Another is to determine if you can complete an uncontested divorce or if you will need to litigate your case.

You should also start making financial plans for your divorce. Getting divorced is expensive, and making financial preparations now can help you avoid accruing debt and facing financial hardship later. 

Locate, Value, and Itemize your Marital Assets

Your marital property is all the property that you and your spouse obtained, created, or developed during your marriage except for property that either of you received as gifts or through inheritance. In your divorce, your marital property is divided according to the doctrine of equitable distribution, which means the court considers your individual needs and other factors about your marriage to determine an appropriate way to distribute the property.

Before filing for divorce, you can make this process much easier by compiling a record of all your marital assets and their value. Certain assets, like a small business or your home, might have to be appraised to be valued correctly. 

Pay Down as Much Marital Debt as you Can

Your marital debt, the debt you accrued during your marriage, is also subject to equitable distribution. If possible, work with your spouse to pay off as much of your marital debt as possible before your divorce is finalized. This way, you can both exit the marriage with as little debt as possible.

You can also divide your marital debt yourselves by opening individual credit cards and transferring debt from your joint accounts to these new cards. 

Create a Budget and Stick to It

Even under the most favorable circumstances, getting divorced is expensive. On top of paying lawyer and court fees, you might also have to find a new place to live or take over paying your mortgage or rent on only your income. Learning to live as a single person again will mean some financial adjustments. For many people, this means going without luxuries and for some, it means taking on additional hours at work to bring in extra income. Create a budget to follow while your divorce is pending and in the months that follow to avoid becoming reliant on credit cards and accruing more debt than you can realistically handle.

Work with an Experienced Orlando Divorce Lawyer

One of the most effective ways to prepare for your divorce is to the specific details of your case with an experienced Orlando divorce lawyer before you even file for divorce. Contact Steve W. Marsee, P.A. today to set up your initial consultation with our firm, during which we can go over all the issues you are facing to make the divorce process as straightforward as possible for you.

Resource:

investopedia.com/terms/m/maritalproperty.asp

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