Not only is a Divorce emotionally devastating for most, but the process may also impact your finances. In Orlando, Florida, where Divorce proceedings can be complex, it’s crucial to protect your finances from the beginning. Our Family Law Attorneys at The Marks Law Firm, P.A., understand the importance of protecting your financial well-being during this challenging season. Here are seven essential steps we encourage our Clients to follow:
- Gather Financial Documents: The first step in protecting your finances during Divorce is to gather all relevant financial documents. This includes but is not limited to, bank statements, tax returns, investment account statements, property deeds, mortgage documents, and any other financial records. Having these documents organized and readily available will provide clarity and transparency throughout your case.
- Assess Your Financial Situation: Once you have gathered the necessary documents, take the time to assess your financial situation. Determine your assets, liabilities, income, and expenses. Understanding your financial situation will empower you to make informed decisions regarding property division, spousal support/alimony, and child support. Consider consulting with a financial advisor to gain insight into your financial future post-divorce. Our Team works with trusted financial professionals in the Central Florida community. Should you need a referral, don’t hesitate to contact us.
- Be Mindful of Your Credit: While going through a Divorce, it’s crucial to protect your credit score. We encourage our Clients to avoid opening new joint credit accounts to prevent their former spouse from accumulating debt in our Client’s name. Monitor credit reports regularly to detect any unauthorized activity. Establishing individual credit accounts will help Family Law Clients maintain financial independence and protect his or her credit worthiness.
- Secure Your Assets: Safeguarding any assets is paramount for those who are experiencing Divorce. It is imperative to take steps to protect valuable assets such as real estate, investments, and retirement accounts. Make an effort to prevent unauthorized transactions. Work with your experienced Divorce Attorney to develop a strategy for asset protection that aligns with your financial goals.
- Establish a Budget: Creating a Post-Divorce budget is essential for managing one’s finances effectively. Identify essential expenses and prioritize financial obligations. Factor in potential changes to income and expenses Post-Divorce. This is especially important for homemakers who will need to find employment. Having a realistic budget in place will help Clients navigate this new season of life with confidence and financial stability.
- Negotiate Wisely: When it comes to property division and financial settlements, negotiation is key. Approach negotiations with a clear understanding of any financial objectives and priorities. Be open to compromise on non-essential assets in exchange for financial security. Consider alternative dispute resolution methods such as Mediation or Collaborative Divorce to facilitate peaceful dialogue and achieve common goals.
- Maintain Transparency and Honesty with Your Family Law Attorney: From the moment you sign your representation agreement, to Client appointments, Hearings, Mediation, Collaborative Team Meetings, etc. inform your Divorce Attorney of even minor details that are relevant to your case. Building an open pathway of communication will allow him or her to advocate for the best possible outcome. At The Marks Law Firm, P.A. – Family Law & Divorce Attorneys, we view our Clients as part of the legal Team. They know the facts surrounding their Divorce case and we know the law.
With the right guidance and support, you can emerge from Divorce stronger and more resilient than ever before. Remember, knowledge is power. Becoming familiar with your finances sooner rather than later will help you prepare the necessary documentation needed for the progression of your Family Law case. Our legal Team is here to help you. It is our Mission: “To Honor God and Faithfully Represent our Clients with Great Leadership, Attitude, Excellence and Teamwork.” To schedule a consultation, please call our office at 407-872-3161.