Smoothing the Financial Road Ahead for Individuals Considering Divorce

by | Feb 27, 2020 | Lawyers and Law Firm

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Divorce can be devastating, both financially and emotionally. It can take five years or more for a person to recover. While a person may not be able to prepare to survive a divorce emotionally, they definitely can take steps to prepare financially. The following tips can help individuals who are considering divorce to smooth the financial road before them.

The first question that a divorce attorney in Hollywood, FL, will often hear relates to the costs associated with a divorce. It is hard to answer that question without knowing all the facts. There are quite a broad range of possible price tags to attach to divorce. Some of the expenses that a divorcing couple need to prepare for include attorney fees, court costs, mediation costs, costs associated with refinancing a home, and parent education class tuition.

One of the biggest financial regrets that divorced individuals have is not being more involved in their family’s finances. In some marriages, it is common for one spouse to pay the bills and keep track of assets. An individual can prepare themselves financially by taking stock of their assets and getting a grasp on how much debt they have. Each spouse should have access to bank accounts, credit card statements, tax returns, investments, and anything else related to their assets and debts.

It is also important for a person to understand what their name is attached to. They want to know who is listed on loans, who is the beneficiary of wills and life insurance policies, and who owns the vehicles. Before visiting with a divorce attorney in Hollywood, FL, it is important to gather all of this paperwork. The attorney will likely be able to look at all of this information and help a client get the greatest possible control over their situation.

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