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Are you making these common property division mistakes?

The months leading up to a divorce can be a hectic time for many Florida residents. Faced with a seemingly insurmountable list of to-do items, many spouses do not know where to begin. Fortunately, there are a number of common property division mistakes that are easy to avoid for spouses who are willing to take the time and make the effort to prepare for their divorce.

One way to avoid a negative outcome is to take financial precautions as the end of a marriage nears. This is especially true for spouses who are able to see a divorce coming years ahead of time, but who are not yet willing to pull the plug on their marriage. Setting aside sufficient funds to cover initial divorce expenses is important, and is a great way to ensure that the process gets off to a good start.

Additional financial preparation includes securing credit in one's own name, and taking a proactive approach to building a strong credit score. This is also the time to gather all financial documents that may be required once the process is underway. Having financial documentation in hand can have a significant impact on the early stages of the divorce process.

Finally, Florida spouses who are thinking about divorce should make an effort to keep a close eye on all household financial matters. Monitor the mail to ensure that there are no surprises when it comes to bank statements or credit card bills. The only thing worse than being poorly prepared for property division is being blindsided by financial troubles in the months leading up to a divorce.

Source: businessinsavannah.com, "Hubbard: Avoid common mistakes before divorce", Sam Hubbard, May 19, 2017

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