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Financial planning, information gathering helps during divorce

Just as getting married can be an expensive endeavor, undoing the marriage can be financially costly as well. A prenuptial agreement can help a divorcing couple split up based on terms to which they both agree. However, if a couple doesn’t have this type of agreement in place, they can still strive to claim their fair share of assets and be on their way in a manner that is as emotionally and financially responsible as possible following a divorce in Florida.

It helps to become familiar with laws related to divorce asset and property division before moving forward with the process. In addition, after conducting research, it may be helpful to share this information with a spouse so that both individuals remain on the same page. It may also be wise to talk to a financial planner who can help one to determine how various divorce settlement options will impact both of the spouses going forward.

Information from a financial planner can help in the negotiation process. The planner might also help one to create a personal budget for after the divorce. When getting divorced, it is also wise to update one’s insurance beneficiaries and wills to reflect one’s wishes post-divorce.

It’s also worth noting that disposing of dividing assets in certain ways can have significant tax implications. It is within the rights of both individuals to seek to fulfill their desires during a divorce, whether they try to negotiate or take their matters to a judge in Florida. Making informed decisions can have a positive effect on one’s long-term finances and thus on one’s peace of mind once the divorce has been finalized.

Source: dailyfinance.com, “7 Ways to Separate Yourselves from the High Cost of Divorce“, Erik Sherman, June 13, 2014