O’Halloran & Simmons, PLLC hopes that you, your family and loved ones are safe and unaffected by Hurricane Ian. We are working diligently to re-open our Sanibel office as soon as possible. In the meantime, our downtown Fort Myers location is fully functional for all your needs.

Please reach out with ANY questions related to property damage or insurance claims for your residential or commercial property. “

O’Halloran & Simmons, PLLC hopes that you, your family and loved ones are safe and unaffected by Hurricane Ian. We are working diligently to re-open our Sanibel office as soon as possible. In the meantime, our downtown Fort Myers location is fully functional for all your needs.

Please reach out with ANY questions related to property damage or insurance claims for your residential or commercial property. “

It’s Your Legal Right & Our Priority

It’s Your Legal Right & Our Priority

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Financial steps you need to take when divorce is inevitable

On Behalf of | Dec 14, 2022 | Divorce |

Divorce comes with many changes, particularly with regard to your finances. When divorce is on the horizon, it is in your best interest that you understand how it will affect your financial situation. This can help prepare for your post-divorce life. 

Here are three important financial decisions that you need to make once you’ve resolved to file for a divorce:

Sever all financial ties with your spouse

It is not uncommon for a couple to have a joint account or a joint credit card. It is also not uncommon for one party to continue drawing funds from the account or racking up credit card debt in both parties’ names. And either scenario can lead to problems down the road. Before making a formal application for divorce, be sure you know when you can close any joint accounts and terminate credit card contracts. 

Gain access to marital assets

Parties are required to make full disclosure of all assets in their names (joint and separate) during the divorce for purposes of property division according to Florida marital property laws. This includes disclosure of bank account balances, investment and retirement accounts, mortgages, credit cards and other debts. It is important that you keep tabs on what you own and owe. 

Divorce can bring out the worst in people. So, while keeping track of your marital property, be sure to look out for signs that your spouse could be hiding marital assets. 

Begin tracking your income and expenses

While you were together, you probably shared household bills, which eased many of your financial decisions. However, after the divorce, you will be on your own. As such, it is important that you begin tracking your income and expenses to be sure that you can sustain your lifestyle on your own. 

If your marriage is nearing its end, it may be in your best interest to know your legal right, so you can protect your finances and interests