Of all the changes that come with divorce, the financial shift may be the most significant. The divorce process itself also revolves around money, so be prepared to spend a lot of time talking about your finances and ending up with them looking very different than you are used to. The way to have the most successful and efficient divorce is to spend some time preparing financially prior to even filing for divorce.
If you go in blind, you will be worse off for it. Here are our tips on how to financially prepare for a divorce in Florida:
In order to shape your future financial life, you have to fundamentally understand your financial life as it currently is. That means finding your financial records and looking at exactly how much you spend and how much income you bring in. Keeping track of all of these things will pay off in the long run.
Know Your Partner
You cannot enter a divorce being in the dark about your spouse's finances. If you are going to ask for alimony, you need to have a clear picture of how much they are earning and how much they are spending. If a confrontation happens in the courtroom, you don't want to come into it clueless! Remember that in a Florida marriage, you own half of all assets that your spouse brings in. Make sure you know just as much about their financial situation as you do about your own.
Going back at least two years, collect and compile all of the financial documents that you can. These are not limited to just pay stubs. You want to find financial statements, credit card statements, any proof of additional income brought in, and tax returns. You don't need to bring the original copy of all of these documents in. PDFs work just fine.
If you are going to ask for alimony, you need to calculate what your expenses are in day-to-day life. Your expenses should cover your life as it is, not just the bare minimum you could live on. Beyond just rent and utilities, you need to cover expenses for eating out, getting your nails done, filling up your gas tank - everything that is regular in your life. Once you have your actual expenses calculated, your lawyer will work with you to see if your spouse can afford that.
Ask For Help
Preparing for divorce starts with getting your finances in order. For help with all your divorce needs, contact Florida Divorce Law Group today! We can help you gain the freedom and peace of mind you deserve.