If
you know your marriage is headed for divorce,
there are a few things you can do before you actually file your divorce
paperwork to make the divorce process less stressful. One of these is separating
your finances from your spouse’s. Although you might not be able to completely
separate your finances without the court’s aid, you can certainly take a few
steps to start the process. If you are married to an individual who is rapidly
accruing debt or making poor decisions with your marital funds, make it a
priority to separate yourself financially from him or her as soon as you can.
Separating
your finances before you file for divorce should never be done in an effort to
hide assets from your spouse or hoard them for yourself. Doing so most likely
will backfire on you. Be honest and transparent with your spouse about all your
financial decisions and explain why you want to separate them ahead of the
divorce.
Work with a Financial Advisor
In
Florida, a divorcing couple’s assets are divided equitably. This means that
both parties receive an appropriate share of marital property according to
their contributions to the marriage and their individual needs after the
divorce. To get a clear picture of your marital estate, work with a financial
advisor.
Using the information from your financial advisor and guidance from a divorce lawyer, you can begin the process of separating your finances. Your spouse and his or her lawyer also need to be part of this arrangement.
Close Joint Accounts and Transfer
Balances to Separate Credit Cards
One
of the easiest ways to make the asset division process easier is to close your
joint checking, savings, and credit card accounts. Divide the money within
checking and savings accounts between yourselves and transfer it to new,
separate accounts. For your credit card debt, work out a way to pay down as
much of it as possible. If you still carry a balance, transfer it to two new,
separate cards.
Transfer Titles to your Property
If
you have assets that have both your names on the title, transfer the titles so
they become separate assets. Generally, couples do this with their vehicles. If
you know you want to retain the marital home, you can also do this with the
house in conjunction with a refinance.
Refinancing to Separate your Assets
Talk
to your lawyer about your options for refinancing large assets like your house.
This can be part of buying out your spouse’s interest in the property. Your
divorce does not have to be final for you to refinance the home in your name
only.
Work with an Experienced Winter Park
Divorce Lawyer
Contact
The Law Office of Aubrey Harry Ducker, Jr., P.L.C. today to schedule your
initial consultation with an experienced Winter
Park divorce lawyer. During your
consultation, we can discuss separating your finances while your divorce is
pending and strategies for handling your property division.
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