People often don’t really think about finances when they get married, just thinking about love and romance instead. When they get divorced, though, finances can come heavily into play. For this reason, many people who have been divorced refer to that marriage as a major financial error—perhaps the biggest one that they have ever made.
To prevent this from happening to you in Florida, you need to make sure that you are financially prepared. A few steps to take before the split include:
— Getting a copy of your credit report. You need to understand what your credit score is and how best to approach the divorce without damaging it, as that credit score stays with you even when the marriage is over.
— Getting all of your financial documents. Never go into a divorce without things like mortgage papers, pay stubs, tax returns, credit card statements and bank statements. A lack of preparation—and simply not knowing exactly where you stand financially—can cost you dearly.
— Setting up accounts in your own name. You should have your own credit cards, investment portfolios and bank accounts. If you get divorced first and then create these, you can put yourself in a dangerous position because your spouse also has access to any of your joint accounts. It’s better to create your own first and then get divorced so that you’re financially independent the entire time. This is doubly important for long, highly-contested divorces.
Keep this advice in mind as you move toward a divorce, and you can limit mistakes and keep the marriage from being one of your biggest financial errors.
Source: Huffington Post, “4 Steps to Being Financially Prepared for a Divorce,” accessed Dec. 08, 2015