If you are looking to divorce in the Central Florida area, preparation can help you understand your finances, protect your interests, and feel more confident about the process. The steps below outline the information to gather and the professionals you may wish to speak with before or during your divorce.
1. Start Gathering Your Financial Information
Start gathering all your financial information. You need your last 3 years of tax returns, your last 24 months of credit card statements, and your last year of saving and money market type accounts.
- Run a credit report to know your credit.
- Check with Social Security to see if you will receive more under your name, or your husband’s Social Security in retirement, if you qualify. That will depend on how long you have been married to your spouse.
- Talk to a realtor if you plan to sell your house, and request that the realtor provides you with comparative market analysis for your house. You may also wish to get an appraisal.
- If you own a business, you may wish to get a business valuation, so you know what the business is worth.
- Gather the information regarding the pay-off amount of the mortgage left on any property you own.
- Inventory and take pictures of valuable jewelry, collectibles, and similar items.
- Monitor your accounts for unusual financial transactions by your spouse.
Make sure you have a credit card in your name with a high credit limit in the event your spouse cuts you off financially. This will help you survive until you can get a temporary support hearing before a judge.
2. Keep a Journal
Keep a journal to record what transpires during the divorce process. This will help you if you have to testify in court. A journal is especially helpful if you have children or there is a history of domestic violence. Record all incidents while they are fresh in your mind.
3. Talk to a Financial Planner
Talk to a financial planner. Figure out how much it will cost for you to live each month, how much deficit you will have when you separate, and how much you need each month to live like you are currently living.
A financial planner can also help you figure out which assets you should request in equitable distribution that would most benefit your economic situation.
4. Talk to a CPA
Talk to a CPA. Find out the tax ramifications of a divorce on your finances. This is extremely relevant if you will pay or receive alimony. It is also relevant regarding the distribution of retirement funds.
5. Talk to an Attorney
Talk to an attorney. Ask yourself: Is the attorney and I a good fit? Is the attorney knowledgeable? Did the attorney answer my questions? Do I feel comfortable with this attorney?
Remember, usually, the higher the quality of the attorneys, the higher their hourly rate. Remember, you get what you pay for. Most high-end attorneys will charge you for an initial consultation.
If you have further questions regarding planning for a divorce in the Orlando Florida area, you can call Ann Marie Gilden, Esquire at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set up an initial consultation.
This article is for informational purposes only and does not form an attorney client privilege.