For many Florida spouses who are separating, few things are more important than the results of the property division process that occurs during a divorce. The outcome of the division of marital wealth can have a lasting impact on one’s financial standing for many years to come. The importance of being well-informed during this phase of the divorce process cannot be overstated.
In many families, one spouse handles the bulk of the financial matters while the other takes care of a different set of tasks within the union. This arrangement can work well for many years, and some spouses go through their entire adult lives allowing the other partner to address all of the financial concerns within the marriage. That said, spouses who cede their financial autonomy within a marriage can find themselves at a distinct disadvantage in the event of a divorce.
For these spouses, it is absolutely imperative to make a comprehensive assessment of all financial matters early within the divorce process. It is impossible to structure a favorable divorce settlement without understanding what assets are available and what debt is held within the marriage. In order to move confidently through the property division process, one must first be aware of all income, assets and debts.
This requires gathering the proper documentation for these areas, including recent pay information and recent tax returns. It requires statements from all accounts and investments and a careful attention to detail. Many spouses have assets that are easy to overlook, such as pensions or life insurance policies from previous employment. Be sure to include all assets, no matter how seemingly minor they may be.
Once this information has been gathered, a Florida spouse is able to hand the documentation over to his or her divorce attorney and begin the process of creating a strategy for asset negotiation. This is one of the most important aspects of any divorce process. Savvy spouses will take the time and expend the effort required to move ahead with a comprehensive knowledge of the range of marital assets.
Source: thefiscaltimes.com, “Divorce: 3 Mistakes That Will Crush Your Financial Future“, Kathryn Tuggle, May 28, 2015