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Miami Divorce Law Blog

Personal property division: Be prepared for everything

A divorce is sure to change your life in many ways, including the fact that you will probably lose some property to your ex-spouse.

When it comes to matters of property division, there is no shortage of items to think about. For example, personal property is often the largest category, as this includes almost everything you keep in your home.

Are you going through a divorce and have credit card debt?

There is never a good time to find yourself buried in credit card debt and searching for a way out. This is definitely the case during divorce, as you'll need to deal with this debt just the same as you do your assets.

While there is more than one way to deal with credit card debt in divorce, some people continue to overlook just how important it is to tackle this challenge at the appropriate time. Here are a handful of tips to keep in mind:

  • See if there is a way to pay off any joint credit card debt before leaving your marriage
  • Consider transferring the debt to separate cards in each individual's name
  • Cancel all joint credit cards to ensure that they aren't used by either party moving forward
  • Make it clear as to who is to pay off which debt
  • Keep records of all your charges, such as receipts showing what you purchased
  • Consider all options for paying off credit card debt, such as a home equity line of credit or money from a joint bank account
  • Learn more about bankruptcy as to better understand if this is an option

You can protect yourself before tying the knot

Making the decision to get married is one of the biggest steps you'll take in your life. Not only does this impact you on a personal level, but the same holds true for your finances.

With this in mind, you need to prepare for both the present and the future. For many people, this means creating a prenuptial agreement.

Divorce and joint credit card debt: Things to remember

If you decide to divorce, it's only natural to create a property division checklist to ensure that each and every asset is touched on during the process.

However, there's something else you need to think about during this time: debt division.

Use your divorce to teach your kids valuable skills

Divorce is a difficult time, but it has a lot to teach the involved parties. Children who are going through their parents' divorce aren't any exception. You can use your divorce to teach your children a lot about how to behave when going through a contentious situation.

While it is possible to use this as a learning experience, you need to balance this with helping your child to work through the emotions that are present due to the divorce. Finding this balance isn't always easy, but it can be very rewarding. Here are a few life lessons you might be able to teach your child during your divorce:

Which financial assets will you divide in divorce?

There are many things to think about as you slowly move through the divorce process. Like many, your attention may immediately turn to property division. Here's why: You want to make sure you retain as many assets as possible.

While there are many categories of property that will come into play, financial assets may move to the forefront of your mind. These can include but are not limited to the following:

  • Retirement accounts, such as 401(k) plans and IRAs
  • Pensions
  • Profit sharing
  • Bank accounts (savings and checking)
  • Cash on hand
  • Educational accounts
  • Bonds
  • Stocks
  • Annuities
  • Certificates of deposit (CD)
  • Life insurance policy cash value
  • Mutual funds

How will you ask for a prenuptial agreement?

If you're thinking about tying the knot in the near future or are considering popping the question, there may come a point when you want to discuss prenuptial agreements with your partner.

There are many reasons why some couples routinely sign these agreements, as they can be beneficial to both parties. Others, however, are taken aback when they're asked to consider that proposal.

What are the top challenges of co-parenting?

If you're going through a divorce, you'll soon realize that your life will change in many ways.

For example, if you have a child with your ex-spouse, it's imperative to have a clear idea of your roles moving forward. Remember this: You always need to do whatever is in the best interest of your child.

Divorced parents and babysitters: 6 key tips

Hiring a babysitter can be tricky when you're divorced. What if your ex doesn't approve of the person you selected? What rights do you both have? Does your ex have a right to stop you from hiring someone? Should you figure all of this out in your parenting plan as you get divorced?

These are all important questions to ask. If you want the hiring process to go smoothly, use these six tips:

  1. Make sure you both agree. This is critical. If your ex doesn't like someone, find someone else. Both parents should sign off on the caregiver.
  2. Talk about schedules. Maybe the kids are going to be with the babysitter when your ex comes to pick them up. When should he or she arrive? Make sure everyone is on the same page.
  3. Decide what the babysitter is allowed to do. For instance, are you both comfortable with having him or her pick the kids up from school?
  4. Figure out who has to pay. Is it the responsibility of the person with custody of the kids at the time, or are you going to split the cost?
  5. Consider caregivers who have worked with divorced families before. This can be a complex situation, and experience goes a long way.
  6. Always focus on the children. Nothing should be as important as their safety and happiness. Always make that your goal and work together toward that end, no matter how you feel about each other.

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From our law offices in Miami, Florida, we represent clients in North Miami, Miami-Dade County and throughout the South Beach area.

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