Divorce can be a difficult and emotional process. One of the most contentious issues is deciding how to divide assets. There are laws that dictate how assets should be divided, but without a prenuptial agreement, decision-making can become complicated and frustrating.
Arturo R. Alfonso P.A specializes in family law cases such as these and provides personalized attention and support throughout every step of the process so that clients feel confident about their decisions moving forward into life post-divorce.
Fortunately, there are steps you can take to protect your assets during divorce proceedings.
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Understand Your Assets and Debts
Before entering the divorce process, it’s important to understand what assets and debts you have. This includes real estate, investments, retirement accounts, bank accounts, credit card debt, student loans, etc. You will need to make an itemized list of these items so that both parties can come to an agreement as to who owns what.
Additionally, if you own any business entities or have separate property from your spouse (e.g., inherited money or gifts), you will need documentation proving ownership of those items in order for them to remain intact during the division of assets process.
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Hire a Skilled Divorce Attorney in Miami
Having a skilled attorney on your side is essential for protecting your assets during divorce proceedings. An experienced Miami divorce attorney will help you navigate the intricacies of asset division while also advising you on strategies for safeguarding certain items from being taken away by your spouse.
An attorney familiar with family law will also know which financial documents must be submitted in order for all parties involved to receive fair settlements and come out ahead financially after the divorce is finalized.
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Evaluate Tax Implications
It’s important to consider potential tax implications when dividing up marital assets during divorce since they could significantly reduce the value of certain items or cause one party to owe more taxes than anticipated after the settlement has been reached.
A skilled divorce attorney in South Florida will be able to evaluate any potential tax implications associated with each asset prior to negotiations taking place. So that both parties can walk away with as much wealth as possible after everything is said and done.
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Create a Budget
It’s important to create a budget that reflects each person’s financial obligations during and after the divorce proceedings. This should be done with the help of an experienced financial advisor. The lawyer can help determine which assets are necessary for one party to maintain their lifestyle or provide for their children and which could be sacrificed in order to achieve a fair settlement. Additionally, the advisor can help anticipate future expenses and provide guidance on how to best manage money during this difficult time.
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Review Insurance Policies
Divorce has an effect on all existing insurance policies, such as those related to health, auto, renters’ and homeowners’ coverage. Be sure to review the terms of current policies and talk to your attorney or financial advisor about how the divorce could affect them in the future.
Conclusion
Divorce is never easy, however, understanding the laws surrounding asset division and taking proactive steps to protect your assets can make things easier for both parties involved in the long run.
Working with a knowledgeable lawyer can help ensure that all financial documents are filed correctly and that all applicable tax laws are taken into consideration before finalizing any agreements.
Contact us today if you would like more information on our services!