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Preparing for a divorce

According to a matrimonial attorney, March is one of the busiest times of the year for divorces. People who live in Florida may receive bonuses or tax returns during this time of year that make them decide it is time to move on. Before someone files for divorce, there are some steps that they should take to put them in a better financial situation and prepare them for the legal process.

Having records of bank accounts, tax filings and credit card statements can help individuals build an argument for keeping certain assets or the need for child support and alimony. Therefore, gathering financial paperwork is one of the most important steps when someone is considering ending their marriage. Some credit companies will even break down types of spending, allowing people to show who charged what and when.

Those thinking about divorce should also create a budget that will show their financial needs. It is not a good idea to be conservative when putting together a budget because no one gets more than what they ask for. People can back up large requests, so they should not be worried a judge will think they spend too much.

Another step in preparing for a divorce could be sitting down with a divorce lawyer. A lawyer can help individuals understand how their choices will affect them and guide them through the filing process. Additionally, lawyers could be helpful by representing someone in divorce court and arguing on their behalf regarding the division of marital assets.

Source: Fox Business, "4 Financial Steps to Take if You're Considering a Divorce," March 12, 2013

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