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Making certain finances are protected in divorce

When people want to get a divorce in Florida, it's important for them to have a complete understanding of both their finances as well as those of their spouse. Some people make the mistake of not seeking professional financial advice before divorcing and end up with ruined credit as a result.

People would be wise to gather all of their financial documents and see a financial planner before they even file for divorce. Financial planners may be able to find debts that their clients didn't know about so they don't walk away from their divorce saddled with them. Financial planners may also be able to locate accounts and other assets the other spouse has hidden.

Another big problem divorcing spouses sometimes have is not having a good understanding how accepting certain assets may give them unexpected tax liabilities. A financial planner may explain the tax consequences that a proposed property division may have. Financial planners may also help their clients with looking at their finances from a logical and objective perspective in the divorce. Some people make the mistake of agreeing to take the marital home in a settlement when they cannot afford the mortgage or upkeep.

People who are getting ready to divorce and who have substantial marital assets may want to consult with an attorney at a property division law firm. A lawyer may collaborate with the client's financial planner to try to negotiate a property division agreement that will protect the client's credit and financial future. In the event that negotiations prove fruitless, the attorney might recommend mediation as an alternative to have these and other matters fought over in a courtroom.

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