Get Your Free Consultation Today

Expenses to Consider Outside of Child Support

At the onset of a divorce, many experts suggest that you change your electronic life, including shared social media accounts and passwords. But your Facebook and Twitter passwords are not the only things that needs to be changed when you get a divorce. In fact, your paper life needs to change as well as you enter this new period. Below are a few changes you need to make when you are entering into a separation or divorce.

Open Separate Bank Accounts

When you are beginning to think about a separation, you need to open a separate bank account. Under Florida law, any earnings you have during your marriage are considered marital property and should be divided during the divorce. However, money earned after separation is considered your separate property. You don’t want any of this money going into a shared account, especially if your spouse is wasteful with his/her money. If you need to continue to pay joint debts, you can always write your spouse a check. If you cannot live off the money you make alone, you can always petition the court, pendente lite, for spousal support to support yourself during the divorce process, which will give you alimony during the divorce and may lead to alimony after the divorce.

Take Inventory

Once you head into a separation, you may be physically separated from your property. Entering a divorce, you need to take inventory of your assets, including pictures and written documents. This is especially important if you have to part with assets. You will then have proof that the asset existed when you separated and the condition the asset was in. Your spouse may sell or dispose of assets during the divorce, and you don’t want to be cheated out of the value if your spouse sells things for less than they were worth.

Make Copies

Before you leave the marital home, or before you allow your spouse to take documents out of the marital home, make copies. During the divorce process you will need copies of tax returns, e-mails, financial statements, bank account statements, life insurance policies, retirement accounts, etc. These documents will be used to prove marital assets during the divorce hearing. You don’t want your spouse to dispose of these assets or deny their existence, especially if you don’t have proof otherwise.

Change Your Will

Your will, if written after your marriage, most likely leaves most of your estate to your spouse. When going through a divorce, you don’t want your spouse to inherit. You need to change your will to reflect your new life status.

Change Your Life Insurance

Your life insurance and other death benefits are not released according to your will. These death benefits are given to a beneficiary directly through the company that holds the benefit. You need to contact that company directly to change the beneficiary to a new person. If you do not make these changes, the money may go to your spouse, even if you are divorced.

Let Us Help You

Divorce can be a difficult time, and often includes many complex aspects. The experienced South Florida divorce attorneys at Miami based Hager & Schwartz, P.A. can help you through all aspects of your divorce to make sure your rights are upheld. Please contact us today for a consultation.