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How to prepare financially for a divorce

People in Florida who are considering a divorce should take some steps to get their finances in order. They may want to start by consulting both a certified divorce financial analyst and an attorney because there may be certain steps that should not be taken prior to filing for divorce or while the divorce is in progress. For example, making changes to wills or to beneficiaries on life insurance accounts could cause problems later. It may be better to delay these types of changes and discuss the situation with a professional. While friends or websites may offer good general advice, every jurisdiction and divorce is different.

People should gather documents and work on their understanding of household finances if necessary. The former may include bank statements, retirement account statements, information on debts, investment statements and tax returns. The latter may involve tracking expenses and putting together a budget.

It is best to proceed conservatively when it comes to finances, particularly if there are joint accounts. This is not a time for reckless spending. Some people might need to gauge the likelihood that a spouse will be resistant to sharing information and dividing property. It might be necessary to go through legal channels to compel a spouse to release financial information.

For some people, a consultation with an attorney might precede any conversation with a spouse about getting a divorce. An attorney may be able to give an overview of what a person might expect financially and what people can do legally to protect themselves. For example, there are certain actions that could be seen as wasting assets. A person who has had not handled household finances might be able to create a strategy that may protect them financially in a divorce.

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Pilka & Associates, P.A.
213 Providence Road
Brandon, FL 33511

Phone: 863-236-9321
Fax: 813-651-0710
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256 North Kentucky Avenue
Lakeland, FL 33801

Phone: 863-236-9321
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