Getting a divorce can have a significant impact on your finances. Working with your attorney to ensure that you are financially cared for following your divorce is vital. Florida residents might be interested in learning about some basic ways to protect your financial stability when going through a divorce.
When you discover that a divorce is imminent, you should start checking out the finances. Look into the accounts so you are familiar with each one, since they will likely all go through the property division process. If you aren’t well-versed in financial matters, taking a financial course can help you to better understand the ins and outs of all the finances that will be affected by the divorce. You can possibly learn how to save money, work with advisors and navigate through your portfolio after divorce.
If you are a senior citizen going through a gray divorce, you should be wary of senior seminars that offer free meals or other perks. The Association for the Advancement of Retired Persons warns that many seniors are pitched ideas and concepts that aren’t suitable for their situation when attending these seminars.
You should also be prepared to update your will and any legal documents listing heirs, beneficiaries, executors or administrators, since your wishes will likely change because of your divorce. Your divorce attorney can usually help you update these documents to ensure that your final wishes are documented.
Finally, you should update all tax information. This includes not only your W-9 form, but also withholdings for IRAs and other financial programs. If you have life insurance or health insurance, make sure your information with those is also up-to-date.
Going through a divorce is a major upheaval. While you might be tempted to focus on the basics, such as child custody and property division, it is equally as important to work with your divorce attorney on other financial matters. An experienced Florida divorce attorney can often provide you with valuable insight into how your divorce will affect your finances.
Source: Huffington Post, “Financial Tips That Ease the Sting of Divorce” Julian Block, Dec. 25, 2013