Dividing assets is just one of many steps to take when divorcing in Florida. Assets need to be divided fairly between parties, but most people don’t know the initial steps to take when facing a divorce. There are a few things to do immediately following the decision to divorce.
Checking credit reports
Until the couple divorces, they could be responsible for joint debt. If a party feels that their former spouse isn’t trustworthy with money, they should take precautions. Credit report monitoring helps prevent lowered credit scores from spouses borrowing in the other party’s name. Credit reports can be checked once annually for free among the major credit bureaus.
Removing joint credit accounts
If a spouse gets into debt during the divorce, the other party could still be responsible for paying it. Failing to pay the debt could result in lower credit scores. The party who no longer desires to be part of that account should remove their name from it.
Safeguarding joint savings accounts
If a couple has a joint savings account, money can be gone quickly. In some cases, one spouse can use it without the other person’s consent. To prevent this, a party may require two signatures to make withdrawals.
Figuring how to divide assets
The size of the marital estate determines the worth of each spouse. The amount each spouse is entitled to should be calculated separately. This amount is commonly used to figure alimony and child support, if any.
Ensuring the situation stays civil
Remaining on friendly terms helps the proceedings run smoother. Constant arguing only benefits the lawyers since they usually bill per hour. Making efforts to get along also benefits children, who may otherwise get caught in the middle or ignored.
One of the most important steps for a divorcing individual is to find legal representation. Each party should have their own divorce attorney to help them with the case.