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Tips to help a person protect their assets during a divorce

Some Florida couples divide up household tasks, including managing financial accounts. When a couple decides to get a divorce, it is important that each individual has access to login credentials, bank and investment accounts, and other pertinent information regarding their assets and debts. This is just one thing that couples need to do to minimize financial fallout during the divorce process.

Another step that individuals should take is updating their account beneficiaries. Many couples decide to designate their spouse as their beneficiary if they are incapacitated or die. In order to avoid messy situations for everyone involved, taking the time to contact financial professionals and institutions in order to remove an ex-spouse's name and designate a new beneficiary is essential.

Splitting up retirement accounts can also protect each individual's financial future after a divorce. Retirement accounts are usually considered marital property, which means that an ex-spouse may be entitled to a portion of a retirement account upon divorce. Each individual needs to be fully aware of how these accounts will be divided and how a divorce could trigger fees or taxes that each individual may be subject to. It is also important to split up taxable investment accounts and be aware of how closing a joint account and opening individual accounts could affect each individual.

It can be overwhelming for some individuals to divide their financial assets when they divorce. An attorney may help them with estate planning and other matters related to their finances. A family law attorney may be able to lay out the steps an individual would need to take as they go through the divorce process in order to protect their financial future. The attorney may be able to provide information about spousal support, property division, alimony and other matters that would arise during a high-asset divorce.

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Schipani and Norman, P.A.
1605 Main Street, Suite 1110
Sarasota, FL 34236

Phone: 941-549-8981
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