I'm Considering A Divorce In Florida And Want To Protect Everything I Have Worked For. What Steps Should I Take?
I’m sorry to hear about your divorce. While no one goes into a marriage contemplating a divorce, sadly, almost half of marriages end in divorce. If you have accumulated some assets that you wish to be protected in the event of a divorce, there are some steps you should take that can make the divorce less painful to your bottom line.
First, you should accumulate as much financial documentation as possible, including bank statements, 401k and IRA statements, brokerage statements, credit card statements, and information on any real estate you own.
You should also check your credit score regularly during the divorce, including possibly signing up for a credit monitoring service. Your ex may be making large purchases on accounts with your name on them, or may be closing accounts with your name on them, both of which can hurt your credit score.
You should also update all of your beneficiaries on your brokerage accounts, retirement accounts, and life insurance policies. As part of that process, you will also want to update your estate planning documents. It is not unheard of for a spouse to become incapacitated or pass away in the middle of a divorce, and having updated documents can help ensure that your assets go where you want and decisions about you are made by whom you wish.
You should also make financial changes that reflect your new situation. You may need to tighten your budget in order to live within your means.
In some cases, a spouse may have never handled the finances during the marriage and may have no clue about how to obtain life insurance or how to pay the household bills. In that situation, you may want to visit a financial planner who can help you both adjust to your new life and make a financial plan for the future.