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Protecting assets is possible during divorce

Aside from the welfare of one's children, protecting one's money is an important area of focus during the process of dissolving a marriage. In fact, money is one area that spouses can tackle prior to filing for divorce. Here are a couple of tips for protecting one's monetary assets when pursuing divorce in Florida.

First, opening up personal bank accounts as soon as possible is essential. These accounts include both savings and checking accounts. After a spouse opens these accounts, he or she would be wise to tell the party about this as well as explain how much money will be deposited into these accounts. It is important that the other party knows about the accounts early on so that he or she won't accuse the account creator of trying to conceal marital money.

Second, paying down and closing all joint accounts is crucial. These accounts may be related to credit cards or to the home mortgage, for example. Alternatively, these accounts could be placed in the name of the other spouse alone if both parties agree for this to happen.

Dealing with finances can understandably be tricky during the divorce process in Florida. However, if two divorcing spouses can find common ground, they may be able to reach a mutually satisfactory divorce settlement at the negotiation table or through a process such as divorce mediation, without further court intrusion. If not, they have no choice but to proceed to divorce trial, where a judge will ultimately determine how their assets will be distributed.

Source: goodmenproject.com, "11 Tips For Protecting YOUR Assets During Divorce", April 18, 2018

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