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The process of divorce can have significant repercussions for both parties but this is particularly true if one or both of the parties has entered the marriage with significant assets or has accumulated a significant amount of wealth over the course of the marriage.
Contemplating the divorce that could wreak havoc on those finances and that hard earned wealth can be difficult, which makes it all the more important to consult with an attorney who has experience handling situations just like yours.
An initial consultation with a Florida divorce attorney can tell you more about your unique needs. The attorney should be interested in learning about your background and your primary concerns moving forward with a divorce.
This gives you a better chance of partnering with an attorney who comprehensively understands your situation and will do everything in his or her power to represent your best interests moving forward in a case. There are several different things you can do to protect yourself in the event of getting a divorce.
Open Your Own Bank Account
Even if you had your own bank account before the marriage, keep this open and keep money separate from joint bank accounts. You are the legal owner of that as long as you have brought it into the marriage and documented it as such.
If the only bank account that you have is one that you share with your spouse, however, now is a good time to open up your own account and to begin contributing to it. Your spouse may not have access to your individual account to drain the money the way that he or she might be able to do with a joint account.
However, whatever is deposited in that new account could be classified as a marital asset unless you first establish a formal date of separation with your spouse.
It’s a good idea to set up a meeting with a Coral Gables family lawyer so that you have a better understanding of what to expect and what assets may be classified as marital property.
Establish Your Own Credit
You may have had your credit tied up with your former spouse in the form of credit cards, loans and other materials that you have accumulated together.
However, you need to begin establishing your own credit rating outside of the marriage. The massive debt associated with one divorce could continue to follow you for many years so it is strongly recommended that you begin to work on building your own credit.
If there are advanced issues included with your financial situation, now may be a good time to set up a meeting with a bankruptcy attorney as well. A bankruptcy lawyer can advise you about the timing associated with filing for divorce or for bankruptcy and how bankruptcy affects divorce and vice versa.
Consider All Legal & Estate Planning Documents
One of the most important things you should not forget while you’re going through a divorce in Coral Gables is that you probably already have accounts and materials that automatically have your soon-to-be-former spouse listed as the primary beneficiary.
For example, when was the last time you looked at your IRA? Is your spouse still listed as the primary beneficiary if something happens to you? Even if you have updated your will and other key estate planning documents to reflect that this information and assets should go to a new person, your individual retirement account or your life insurance policy often have their own requirements about what needs to be updated.
This means that you need to reach out to them directly in order to best protect yourself and your rights going forward. Beneficiaries on any investment accounts and bank accounts will have to be updated.
Make sure that you get written confirmation after you have updated these materials to ensure that they appropriately reflect the new beneficiary information.
Likewise, any legal documents that allow your spouse to make financial decisions on your behalf such as a financial power of attorney should be updated and handled by an attorney to reflect your new wishes.
Consult with Divorce Attorney at Florida Today
Separating from a spouse or getting divorce from a spouse can present numerous challenges for your relationship and your individual finances.
Some of the most important steps you can do to protect yourself are to ensure that you or other individuals outside of your former spouse are equipped to make these decisions rather than someone to whom you are no longer married.
Going through a challenging divorce? make sure to take steps to make it easier on your children, Learn: https://www.carolanfamilylaw.com/effects-of-divorce-on-children/