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In a divorce, financial preparations could be key

On Behalf of | Dec 26, 2019 | Blog, Divorce |

For Florida couples who are facing the end of their marriage, certain factors could be cast aside, leading to mistakes. This is especially true with finances. Understanding foundational financial aspects could be critical.

The steps to addressing financial considerations can be complex. Family assets should be accounted for in detail. This frequently includes their approximate value, when they were acquired, who holds the title, and the beneficiary designations. In addition, the estate plan, tax documents, prenuptial agreements and more should be gathered. Every person will have different goals during a divorce. What is at the top of the list for one person might be further down for another. After the documents are accrued, the future should come to the forefront.

Dividing the assets is a common source of a dispute. For example, if there was a prenuptial agreement, that could factor in to the equation. The property designations and whether it was marital property or separate property can be essential. The family home – an item that is often of substantial value – could be in dispute. Older couples could be confronted with worries about retirement plans.

Financial planning after a divorce will differ from how it was crafted during a marriage. People might worry about retirement accounts, making ends meet and adjusting to the new way in which they must live. This should be considered. Family law can be complicated with multiple issues that recede to the background as the case proceeds. Property division is generally important, but certain nuances may be forgotten. Before and after the divorce, legal advice from an experienced family lawyer might be advisable.

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