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A Florida divorce and money — plan ahead

While some Florida divorces are a surprise to at least one of the parties, many are thought through in advance. When a marriage begins to show signs that a divorce may be in the future, it is time to start preparing for the future. This does not mean confronting a spouse and making demands, but it does mean reviewing one’s financial situation and making the necessary plans just in case.

One of the first steps the individual should consider is opening an individual bank account. Cash for deposits, attorney fees and other emergencies may be needed in the event that a divorce becomes a reality. Additionally, the individual will want to make sure that credit has been established in his or her name. Opening a credit card account may be a good idea while the family income is still intact.

Another step to take is to know the overall financial picture. It would be a good idea to make a copy of tax returns, bank statements and other investment and retirement account information. The individual will also want a clear picture of any debts that are owed. Obtaining a current credit report will give an idea of what items the individual may be responsible for.

The decision to divorce is often one that does not come as a complete surprise to a Florida spouse. Even if divorce appears to be a slim possibility, financially preparing for the worst will offer financial protection just in case. Then, if divorce does appear to be the option chosen, the individual will be better prepared to discuss his or her situation and plan for the future.

Source: CNN Money, “Don’t let divorce wreck your finances“, Karen Cheney, April 4, 2014