How to Financially Prepare for a Florida Divorce

Filing for divorce in Florida can be a scary and stressful experience, but there are steps that you can take prior to submitting the petition that can prepare you financially for the next steps in your future. At the law office of Blair H. Chan, III in Tampa Bay our team of dedicated legal professionals is here to help at every step of the divorce process. To learn more about the wide range of legal services offered to our clients navigating a divorce, call or contact us today to schedule a free consultation.

Collect Financial Documents

The first step in preparation is to collect all of the relevant financial documents for your divorce. This includes all documentation about your assets as a couple, including all financial accounts, investments, real estate, personal property, collectibles, artwork, and anything else of value in addition to documentation about your debts, such as credit card debt, student loans, mortgages, and other liabilities. Having these documents on hand can be incredibly beneficial in checking to ensure that all finances are disclosed during a divorce and determining the property distribution in the case.

Determine Incomes

The next step in preparing financially for divorce is to determine your income and your spouse’s income. This can be a relatively easy step if you and/or your spouse are salaried, as a paystub provides this information, but it can be more difficult if one or both spouses work on tips, commissions, or are self-employed. Determining income is incredibly beneficial to discussions about spousal support during and after a divorce filing as well as child support if minor children are involved in the split.

Protect Your Finances

You also need to protect your finances prior to filing for divorce. If you have a joint bank account, open an account in your name only and transfer half of the funds to that account. Freeze all investment or money market accounts, and cancel all credit accounts that are in both spouses’ names. If you need to establish your own credit, open a credit card in just your name and use it sparingly. Pay off the balance each month to build your credit score, which can be incredibly helpful when opening lines of credit after a divorce.

Hire an Experienced Divorce Attorney

Finally, it is critical that you hire a knowledgeable Florida divorce attorney to handle your case. An experienced lawyer can help you prepare financially prior to and during divorce proceedings as well as zealously advocate for your interests throughout the case to ensure that you walk away with everything that you deserve. To learn more about how our office can help, call or contact us today.

Call or Contact Us Now

Are you interested in learning more about filing for divorce in Florida and how to best prepare for this big step? Call the office or contact us today at the law office of Blair H. Chan, III to schedule a consultation and speak with our experienced Tampa divorce attorneys now.

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