Top Fifteen Financial Moves to Keep You in Line During a Divorce

Marriage is more than a legal relationship. It is a union of finances as well. If you plan to divorce, untangling your finances is a large part of the battle. Divorce is one of the most financially traumatic things a couple can go through makes.

1. Make copies of all credit card statements, bank statements and three years of tax returns.

2. Identify all marital debts. Pull credit report to ensure that you are aware of all outstanding debt.

3. Value all assets, if possible. Remember, assets are ultimately worth what someone is willing to pay for them. And the only way to properly value assets is to appraise assets with a licensed Florida appraiser.

4. Open individual bank accounts and close joint accounts as soon as reasonably possible even if the household bills will continue to be paid jointly.

5. Contact the administrator of your retirement accounts. Identify the non-marital portions of these accounts and value the current value of all retirement assets, including pensions.

6. If possible, avoid large purchases and sales.

7. Contact your Human Resources department to assess the health insurance needs and costs.

8. Change beneficiaries on all accounts, including Powers of Attorney includes Health Care Powers of Attorney.

9. Avoid getting emotional attached to marital assets that should be sold or disposed of.

10. Create a divorce plan, including a divorce budget.

11. Create and follow a household budget and post judgment household budget.

12. Create a new retirement plan.

13. Make an Appointment with a CPA to Understand the Tax Implication of Settlement Options

14. Avoid Using your Attorney as a therapist. Hire a Divorce Coach if Necessary.

15. Decide to be happy!

Contact South Florida Mediation Services and Deborah Beylus, Certified Divorce Financial Analyst for assistance.  561-789-0710