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Property division may financially impact Florida residents

Florida residents who are going through divorce may be concerned about the proceedings ahead. In order to reduce some of the anxiety surrounding property division, individuals may wish to prepare for the upcoming proceedings. Because this division can have considerable financial impacts, gathering financial records could be a wise first step to take. This information could help parties keep their finances on track and be better able to spot inconsistencies. 

Additionally, individuals may also want to make a list of all of their assets, separate and marital. By having photographs and records of these items, individuals may feel more secure in knowing what items may not be eligible for division and which items they may be willing to part with as part of agreement negotiations. These records may also come in handy if another party attempts to hide assets or take other similar actions.

It may also be prudent to address any outstanding debts. By having information on current credit scores and debt, individuals may be able to address issues before the divorce takes place in order to set themselves on the right financial track moving forward. If there are concerns surrounding debt and which party may be liable for outstanding balances, individuals may want to speak with a legal professional. 

Finances can be affected in a variety of ways during divorce, and if parties are not proactive about protecting their assets and accounts, they may find themselves facing unnecessary difficulties. Florida residents who would like to bolster themselves against such issues and work through the property division proceedings as seamlessly as possible may find additional information on the process useful. Consulting with experienced divorce attorneys may also prove useful when searching for answers to legal concerns.

Source: nerdwallet.com, "6 Critical Steps to Prepare Your Finances for Divorce", Shawn Leamon, July 5, 2016

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