Divorce Attorney Tampa FL
Divorce can be financially devastating for both parties which is why it is important to be on top of your money management. In order to stay afloat when you are going through a divorce, you should be doing everything you can to collect yourself. The following tips from a Tampa FL divorce attorney may help you maintain a stable life:
1. Make copies of all your financial documents.
Begin by gathering two years of monthly banking statements. Mortgage documentation, tax returns, insurance policies and the like should all be included together. Be sure to remember any 401(k) or retirement plans from previous employers.
2. Get a Credit Report Statement
Staying up-to-date with your credit score is important. You must take steps to update it because it can greatly impact you in major financial situations, like buying a car or a house.
3. List your assets and liabilities.
Most assets and liabilities acquired during a marriage are considered part of the marital estate. You are both responsible for any joint debt regardless of which spouse incurred the debt.
4. Monitor your joint bank accounts.
You need to watch these in case your spouse is using funds without your knowledge. It could also make a difference in your divorce settlement if you have a record of who made which purchase in the past few months.
5. Open your own bank accounts.
Try to order your own credit card and banking accounts so you can keep finances separate from your ex-spouse. Make sure it isn’t one you have both used before.
6. Budget yourself.
You can keep track of your day-to-day expenses, which can help you with settlement negotiations down the line. Now you can see where you can afford to save in your daily spending so that you can maintain a stable way of life during an expensive legal battle.
7. Evaluate your assets and see their implications.
Always consider the long- and short-term tax implications of any offers so you can make the best decision. You would rather retain more money and pay less in taxes, so you have to understand what will be a maximum inheritance.
Consult a divorce attorney Tampa FL clients recommend to help you manage your wealth and protect it from your divorce proceedings. With the help and advice of an experienced divorce attorney, you may be able to save your money from divorce and allow you to move on to a new life. You will gain the best chance possible at avoiding financial ruin.