Fixing Finances After a Divorce
March 7, 2016
Advice from Bradenton Divorce Attorneys at Jodat
Filing for divorce is never easy. Once you file divorce papers, there are several critical issues that must be resolved. Your finances must be in order if you want to save trouble, expense, and potential conflict down the road. Even if there are few shared assets as a couple, there will still be several items to complete on your financial to-do list. Jodat Law Group, your Bradenton Divorce Attorneys, can advise you on a smooth transition.
Retirement accounts, health insurance, and living wills may be in place in the marriage and must, therefore, be involved in the divorce, no matter your financial standing. With the help of a talented divorce lawyer, your financial issues can be resolved smoothly as part of your divorce.
Financial Matters to be Taken Care Of
Here are some financial concerns that will need to be addressed in a divorce:
- Children. Your children are claimed on your tax returns as dependents. When you get divorced, you must decide who will do this going forward. Generally, the parent who has custody of the children more than half the time will claim them as dependents, but it’s important to be perfectly clear about what the plan will be. You may also wish to create a shared savings account between you and your ex-spouse for your children’s education.
- Estate plans. When you get divorced, you may want to change your will and the beneficiaries of any trusts. If you have adult children and wish to leave your assets to them, the matter is relatively simple. If your children are minors, however, the question is more complicated. If you passed away, the court would automatically appoint a guardian to manage the funds left to your children. You might choose this option, or you might choose to leave the funds to be managed by another trusted adult. Also, consider how you want your power of attorney to be handled. No matter your wishes, it’s important to consult an attorney to make sure they will be followed.
- Debt. You should do the utmost to make sure that any shared debt is taken into consideration and accounted for before the divorce is finalized. Check your credit reports to make sure you won’t be held responsible for any debt that may exist of which you were unaware. Do your best not to accrue significant debt during the divorce process.
- Retirement accounts. In families where both spouses work, you might have separate retirement accounts. In this case, you will have to remove your ex-spouse as the beneficiary. If, on the other hand, your retirement account was from a higher-earning spouse, the retirement account will typically be shared equitably. These issues must be investigated early in the divorce process.
Protecting Your Interests After a Bradenton Divorce
Your finances may dramatically change after divorce. At the Jodat Law Group, we can help you protect your financial health and plan for the future during this difficult period of your life. Contact your Bradenton Divorce Attorneys to schedule a free consultation: We will evaluate the case, estimate costs, and explain your financial options.