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Financial protection and divorce
Financial protection and divorce

Financial protection and divorce

On Behalf of | Apr 4, 2018 | Firm News |

The divorce process can decimate the financial standing of both parties. However, there are certain actions Florida residents can take to limit the impact that a divorce will have on their finances.

Each spouse should open checking and savings accounts in their own name if they currently do not have any. Individuals who do so should also advise their partner that they are opening separate accounts and how much money is being deposited. This is so that there can be no accusations of stealing or hiding marital funds.

It is also prudent to pay off and close as many joint credit accounts as possible. For people who are unable to pay off their credit accounts, they should speak with their creditors to learn about what procedure to follow to have their name taken off the account.

For those who do not have a stream of income or who are not working, they may ask their spouse who earns an income for assistance with removing their name from the joint financial accounts. The divorce agreement terms can stipulate that the spouse who is currently not receiving an income will handle part of the martial debt when they are receiving a living wage.

Individuals should withdraw half of the funds that are being held in joint accounts. They may also opt to modify the signature requirements for their joint accounts so that both signatories are required to sign in order for a transaction to be completed.

An attorney who practices divorce law may advise clients about what steps to take to protect their assets, including financial accounts. Litigation may be used to ensure that a client obtains their desired divorce settlement terms regarding property division. The attorney may also assist clients engaged in out-of-state divorces.


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