When it comes to dividing marital wealth, the old adage certainly applies. It is impossible to be over prepared, and an ounce of prevention truly is worth a pound of cure. Property division requires a careful and thorough approach, especially in light of the fact that the outcome will have a lasting impact on the financial security of both Florida spouses for many years to come.
Preparation begins by collecting documentation for each and every asset that a couple holds. Be sure to include all forms of income, property held, savings and retirement accounts and other asset types. It is impossible to negotiate a fair division of wealth until both parties are fully aware of the full scope of assets.
Tax records are a good source of information about a couple’s base of assets. Insurance records are also helpful, as they often list the value of items of personal or real property. Be sure to include a comprehensive list of debts, also. Debts must be divided in much the same way as assets, and failing to include debts in the early stages of negotiations can lead to some nasty surprises.
Once all of this information is in place, Florida couples will have the tools they need to begin structuring a property division negotiation strategy. For those who have taken the time and made the effort to gather the necessary documentation, the process might be considerably easier. Having this information in one place can also save on legal fees, and the attorneys involved will not have to spend time trying to track down that paperwork.
Source: nerdwallet.com, “Victim of ‘Divorce Season’? Protect Your Finances“, Kevin Voigt, March 29, 2017