Steps to Take When Preparing for Divorce
Facing divorce is an overwhelming experience. Although you may not be able to control the entire process, there are some steps you can take to ensure you are properly prepared so you can feel more confident moving forward. Below, one of our Tampa divorce attorneys explains what these are.
Understand Your Current and Future Finances
One of the first steps when getting a divorce is to collect all of your financial statements. These include:
- Tax returns
- Bank statements
- Loan balances
- Credit card bills
- Investment portfolios for stocks, bond, and mutual funds
- Life insurance policies
- Information for retirement accounts such as IRAs, 401(k)s, and others
As important as it is to understand your current financial situation, it is just as critical that you prepare for the future. Create an approximate budget that reflects your future housing costs, child-related expenses, car payments, utilities, insurance, and other necessary costs. Not only will this help you feel more prepared, but it can also help when negotiating equitable distribution or child support.
Separate Your Finances
Divorce can make it difficult to access your money in some cases. You should also make sure you have access to the funds you need to pay your living expenses and to hire a divorce lawyer. It is recommended that you open a bank account that is in your name only, divert your paychecks to that account, and apply for a credit card that is also in your name alone. Do not hide income or assets, as this will hurt your case, but you should ensure you can support yourself during the legal process.
Create an Inventory
When emotions start running high, valuable belongings can become bargaining tools. Create an inventory of all personal items you own including electronics, collectibles, jewelry, furniture, heirlooms, and tools. Classify these items as separate property that you owned before the marriage, or marital property that you acquired as a couple during the marriage. Take pictures of valuable personal items. Knowing what property you have now can help avoid disputes in the future.
Create a Support Network
Divorce does take a toll on your finances but it can also be emotionally draining. It is important to have a support network you can lean on throughout the process. This can include your family, trusted friends, a therapist, online support groups, or your church community. The divorce process can be long and having support can help you make decisions with a level head instead of with your emotions. A support system can also help you keep your emotions out of the legal process, which can benefit your case.
Our Divorce Attorneys in Tampa Can Guide You Through the Process
Divorce will change every aspect of your life, and you should not go through it alone. At All Family Law Group, P.A., our Tampa divorce attorneys can help you navigate the process, advise on the steps to take and handle the legal details so you obtain the best outcome possible. Call us now at 813-672-1900 or fill out our online form to schedule a free consultation and to get more information. Se Habla Espanol.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html
