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Preparing Yourself Financially...

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Preparing Yourself Financially for an Orlando, Florida Divorce

Going through a divorce is a major life changing event. It can bring you emotional and financial stress. This may be a very difficult time in your life. A financial adviser may help reduce the financial burden that you are enduring. The financial adviser can walk you through many financial decisions you may need to make.

You yourself can also financially organize and prepare for the divorce by doing the following:

  1. Make a list of all your assets and debts and their value.
  2. Speak with your attorney regarding the portion of your spouse’s retirement or pension you are entitled to receive.
  3. Make a plan for closing joint bank accounts and paying off credit card debt. Once, the divorce is filed, you must follow the administrative orders in Orange and Seminole Counties regarding the finances.
  4. Close all joint credit card accounts and open new credit card accounts in your name. Once the divorce is filed, you will be required to follow the administrative orders in Orange and Seminole County.
  5. Review and update your monthly budget.
  6. Open or update ownership of safe deposit box for storage of important documents. Once the divorce is filed, you will need to follow the administrative orders of Orange and Seminole County.
  7. Request personal earnings and benefits statements for both you and your spouse from Social Security Administration. www.ssa.gov
  8. Determine whether one of you will maintain ownership of your current residence, and take appropriate next steps.
  9. Obtain tax records for the property you may receive in the divorce.

Gather and update important Documents.

  1. Gather copies of all financial records and tax returns.
  2. Update authorizations on open credit cards. Once you file for divorce, you will have to follow the administrative orders of Orange and Seminole County.
  3. Obtain and review your credit report.
  4. Contact a CPA regarding the benefits of obtaining the right to claim your children as dependents on your federal tax return.
  5. Contact your CPA, or tax professional to help you consider all tax implications related to your divorce including tax withholding on Form W-4 and the timing of transitioning or selling assets.

After the divorce is finalized:

  1. Update authorizations on open credit cards.
  2. Obtain extra copies of your divorce or legal separation agreement.
  3. If applicable, change your name on all your accounts and records.
  4. Update your social security card and driver’s license if applicable.
  5. Update titles and re-register assets and property in your name alone.
  6. Obtain and review your credit report.
  7. Locate important documents such as birth certificates, education records, marriage license, etc.
  8. Review and update your health insurance.
  9. Review and update beneficiaries on all accounts.
  10. Update your investments and retirement plans.
  11. Ensure you receive your share of spouse’s retirement plan by QDRO.
  12. Update financial plans for children’s education expenses.
  13. Review life insurance policies to update your beneficiary designations.
  14. Revise your will, trust, living will, durable power of attorney, and health care surrogate.

If you have further questions regarding Orlando divorce, you may call Ann Marie Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 for an initial consultation. This article is for informational purposes only and does not form an attorney client privilege.

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