Planning for Your Future Financial Stability with Your Divorce Attorney
f you are pursuing a divorce, there are a number of issues you want to make sure you discuss with your divorce attorney and, in some cases, related professionals, such as your financial planner, so as to ensure that your future finances and retirement are protected, as we discuss below: Monthly Expenses & Immediate Needs First, make sure you know what your monthly expenses look like – as well as your immediate needs and how they will be affected by the divorce – for example, will you need a new car and place to live, will there be insurance changes, groceries and gas to purchase, etc. Start small and work into bigger items, such as retirement savings. Make sure that part of this involves managing your costs during the divorce. This includes tracking any money spent on financial planners, your divorce attorney, and any other professionals you have been working with. Also make sure that you are familiar with the timeline for the process so that you know exactly how long will be paying for these professionals. Planning For Assets Very carefully plan which assets you want to make sure you leave with and those that you are willing to divide up. For example, you will want to put a lot of thought into whether or not you want to keep the family home, which could end up being a financial burden. In addition, this will affect your debts; particularly if the house still has a mortgage on it and needs to be refinanced. To what extent both spouses’ names remain on the title depends upon whether one spouse will be buying the other one out, etc. Remember: All Assets Are Not Created Equal (Due To Taxes) Also make sure that you and your attorney discuss the tax implications of every asset that you hold onto and those that you plan to give to your ex. For example, money and retirement accounts is not always equal, depending upon when the taxes are taken out. Also make sure that you understand how the divorce will affect your tax bracket, as well as which funds are premarital assets and what your social Security benefit options are. For example, if you were married for 10 years or longer, you may be able to receive benefits based on your spouse’s record. Debt Try to come up with a way to eliminate shared debt before you finalize the divorce, as carrying on that debt when you also have new expenses on your own can be challenging. Also remember that joint debts remain both parties’ obligation when it comes to lenders, so if one spouse promises to pay a particular joint debt, the other spouse should continue to have access to that account – even if that is through their attorney – in order to ensure that it has been paid and therefore won’t negatively affect their credit. Expenses For Children If you share older children, it is also very important to have a discussion about college costs and to what extent each parent is going to be involved in figuring out college plans for the children, depending upon who is paying for what costs. For example, one spouse may assume that the other spouse is paying for half of a child’s private school tuition, while the other spouse has no idea and has not been kept in the loop in these discussions. Updating Documents & Accounts Make sure that the following accounting documents are also updated to affect your divorce: Authorized users on credit cards Banking accounts Car and house titles Power of attorney, health care directive, and your will Security passwords for all of your online accounts Retirement account and life insurance beneficiary forms Contact Our Florida Divorce Attorneys Today to Find Out More In addition, depending upon your age and circumstances, you may need to work with your attorney to take additional actions, such as adjusting any joint tenancy on assets you both own so that your spouse does not automatically inherit your assets if you pass on. Regardless of your question, contact our Sarasota divorce attorneys at HD Law Partners today for a free consultation to find out how we can help. Resource: usatoday.com/story/money/2019/08/07/divorce-how-file-without-wrecking-your-finances/1932401001/ New Tax Strategies That Could Make Divorce Negotiations Easier Posted in Divorce | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us