Protecting Your Property During Divorce

People worry about many different things when going through a divorce. Of course, the thought of the marriage ending is at the forefront of many people’s minds. Along with this, people are often worried about how much time they will be able to spend with their child after the proceedings, and they may also wonder if they will lose money through property division, alimony, and more. Below, our Orlando contested divorce attorney outlines some of the best ways to protect your finances so you are in a better position post-divorce.

Gather Financial Documents 

The first step when protecting your property during divorce is to collect all of your financial documents. These will allow you to fully understand your financial situation and make sure your property is valued accurately. The first thing to collect are all bank account statements. This can help verify their balances as well as your cash flow. Documentation related to investment accounts, retirement accounts, tax returns, and property deeds are also important to collect.

Open a Bank Account 

Even if you have a bank account with your spouse, it is important to open a separate account as soon as you know you are getting a divorce. This can help you protect your personal property, such as your income, and give you greater financial independence. In addition to opening your own bank account, it is also important to close any joint bank accounts.

Accurate Valuations of Property 

Again, the property that you own must be valued accurately to ensure it is divided properly. To ensure correct valuations, you may have to hire professional appraisers. This is particularly important when valuing real estate property, businesses, investments, and personal property, such as jewelry or art collections.

Determine if You Need a Qualified Domestic Relations Order (QDRO) 

Certain types of retirement accounts require a Qualified Domestic Relations Order (QDRO). These include 403(b)s, 401(k)s, and pension plans. IRAs and other types of retirement accounts do not require a QDRO. It can take some time to determine if you need to obtain a QDRO, but it is an important part of ensuring these accounts are divided fairly.

Update Your Estate Plan 

In Florida, any provisions in your will that include your spouse are automatically deemed void if you end up getting a divorce. Still, it is critical to ensure that you update your estate plan as soon as possible. If you pass away while the divorce is still ongoing, your spouse will still have rights to your property. Additionally, even if the divorce is finalized, certain parties, such as people on your former partner’s side of the family, may still be entitled to some of your property, even if those are no longer your wishes.

Our Contested Divorce Attorney in Orlando Provides Sound Legal Advice 

When going through a divorce, you need sound legal advice. At Anderson & Ferrin, P.A., our Orlando contested divorce attorney can provide it to ensure that you are protected during and after the proceedings. Call us now at 407-412-7041 or contact us online to request a consultation with our experienced attorney and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html