Blog

Why Should You See a Financial Planner or CPA at the Beginning of Your Orlando, Florida Divorce?

You are getting divorced in the Orlando, Florida area. It is important to speak with your current CPA and/or Financial Planner regarding the divorce. If you do not have a current CPA or Financial Planner, then you should speak to and meet with one. This is because there are tax consequences you may face during a divorce. Further, in Equitable Distribution, most likely you are splitting your assets and debts 50/50 with your spouse. What are the tax ramifications of that? How are you filing your taxes to most benefit yourself? A CPA can advise you of that. Advice from a CPA could save you thousands of dollars, depending on your tax bracket.

Retirement Accounts

Will you be dividing your retirement accounts? How will you accomplish that? Will you divide your retirement accounts by a QDRO? That is a Qualified Domestic Relations Order. A CPA and/or Financial Planner can explain the intricacies of a QDRO (Qualified Domestic Relations Order) to you. They can help you better understand how you can plan for a financial future after dissolution of marriage.

Dividing Assets

Which fifty percent (50%) of the assets and debts would it be most financially beneficial for you to receive from Equitable Distribution? The CPA and/or financial planner can aid you with that. Remember, after the divorce, you have half the assets and debts that you had prior to the divorce. You will now need to make sure you are fiscally responsible because now you have less than you had prior to the divorce to use for living expenses and retirement.

Salary Earnings

You can discuss with the CPA and/or Financial Planner what you need to earn as a salary to maintain your lifestyle or something close to your current lifestyle. You can discuss with them how you will be able to live on the anticipated alimony you are entitled to under the alimony guidelines. They can help you craft a financial plan, or budget, so that you can survive financially after the divorce.

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com

This article is for informational purposes only and does not form an attorney client privilege.