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Avoid being taken for a ride during property division

The process of dividing marital wealth in a divorce will be different for each Florida couple. This is due to the fact that no two couples will share the exact same blend of asset types, and will therefore have different needs when it comes to assessing the best way to approach property division. All spouses, however, share the need to learn as much as possible about their financial circumstances, both during and after the divorce.

Many spouses could benefit from hiring an accountant to go over their family finances and provide guidance on the best way to divide marital wealth. It is important to select an accountant who is not only willing to review the documents, but who is prepared to educate his or her client on the ins and outs of different asset types. If the family has been using the same accountant for several years, it may be a good idea to select a new professional, who will not have any bias toward or against a spouse.

An accountant can help a spouse determine the full range of marital wealth. He or she can also recognize if the documentation seems incomplete or flawed. Often, an accountant can be pivotal in the discovery of hidden assets, which can have a significant impact on the bottom line of a divorce. In addition, some accountants also provide financial advisory services, and can help a divorcing spouse work out a post-divorce budget or address other financial needs.

As stated above, no two Florida spouses will share the same set of property division needs. However, having an accountant or financial advisor on one's divorce team can make a world of difference in the eventual outcome of the property division process. For those in Florida who have already filed for divorce, the attorney chosen to guide that process may be able to provide a recommendation for a good accountant.  

Source: The Huffington Post, "8 Tips to Keep From Being Taken Advantage of Financially in Divorce", Karen Covy, Jan. 29, 2016

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