Financial issues to consider when ending a marriage

On Behalf of | Apr 30, 2020 | Blog, Divorce |

It isn’t uncommon for married couples in Florida and around the country to share a financial adviser while they are together. In some cases, a financial advisor may be willing and able to work with you alone or with you and your estranged spouse during the divorce process. Regardless of what you choose, let’s take a look at some steps that should be taken to protect yourself financially as a marriage comes to an end.

Gather as much information as possible

It is important that you have copies of recent tax returns, bank statements and anything else that may contain information about your household’s finances. It is also a good idea to get a copy of a prenuptial agreement if one exists. This will help you begin to determine what you may be entitled to in a final settlement.

Stay focused on the big picture

Whoever you choose to provide financial advice during the divorce process will likely want to talk about your long-term goals. Doing so may prevent you from being too focused on getting the family home or other assets that may not help you become and remain financially stable.

Your financial plan will likely change

After a divorce is finalized, there is a good chance that your financial situation will change. There is a strong possibility that you will be required to move out of your home or sell it as part of a divorce settlement. You may also lose a portion of your retirement savings or part ways with other assets that may have contributed to your current net worth. There is also a good chance that you will need to alter your will, trust or other beneficiary designations after selling or transferring assets to another person.

If you are planning on getting a divorce in the near future, it is important to understand what it may do to your mental, physical and financial health. An attorney may be able to tell you more about property division and other legal issues.

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