Florida couples getting a divorce will quickly discover that the finances are the hardest part. Depending on how long you’ve been married, it’ll feel almost impossible to separate assets or plan for your finances as a single person.
Where to start with your finances
You’ll want to create a checklist of all of your financial accounts, joint and individual. This goes beyond things like joint bank accounts but includes investment accounts, assets and 401(k)s as well.
If there are any bank accounts or assets that are yours that you know you want to keep, you’ll want to remove your spouse’s name from them. For example, if you bought a car, ensure that your spouse’s name isn’t anywhere on the title or paperwork.
Preparing to separate financially
As soon as the separation is filed, you’ll want to cancel the joint bank accounts and credit cards. You’ll also want to divide the joint bank account balances or stop using them all together until the divorce is finalized.
Call utility companies to establish new ownership of these accounts. You’ll want to do this with any other joint expenses as well and notify the creditors of the change.
It’s also important to remove any joint authorizations, powers of attorney and more for investment accounts or otherwise and change the beneficiary on your estate plan and retirement accounts.
Handling the divorce
As you plan for the divorce, you’ll want to budget your new life as a single person. Having a clear understanding of where your finances are – and where you want them to be after the divorce – can help make the process easier.