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finances

Dealing with Joint Finances After a Divorce

Going through a divorce is difficult for both parties. The dissolution of a marriage often involves a range of emotions, from anger to sadness. Because divorce is the severing of a contract, it also has a financial aspect. People who end a marriage in a community property state have to divide assets evenly. However, what happens to marital assets becomes more problematic in regions that do not require spouses to separate money 50/50. A Tampa divorce lawyer can help you wade through the uncertainty about joint finances.

Keep Accurate Records

No one wants to think about divorce when they marry. However, an effective way to prevent disputes about spousal money in the event of a divorce is keeping detailed records about finances from the start. Divorce attorneys also recommend maintaining a file of financial-related documents so that you can refer to them during and after a divorce.

Update Accounts

If you and your spouse had joint bank accounts or joint brokerage accounts, they might need to be updated with name changes. Life insurance is a financial contract, so the beneficiaries named in policies may also require changes because of marriage dissolution. A Tampa divorce lawyer or a financial advisor can assist you with these and other matters.