Divorce will certainly bring financial changes and adjustments to both parties. It requires both spouses to get used to new circumstances, make changes to lifestyle expectations and adjust to different future prospects. One primary concern for many in Florida as they approach the property division process is how to manage and protect their finances during this time.
One concern a person may have when facing a divorce is how he or she could protect investments. There are certain steps that can be useful to help a person remain in control of these accounts and protect long-term financial well-being. One important step is to update the designated beneficiaries on the account by removing a former spouse. It may also be necessary to gain access to certain investments or to find out how much of an account could be subject to division.
For jointly held investment accounts, a couple may decide it makes sense to sell it and split the proceeds, which may be good for both parties. Tax penalties and other fees could apply, however, and it may be prudent to take this into account when making important decisions. For certain types of investment accounts, such as a retirement account, specific types of legal documents may be necessary to ensure the distribution of assets from the account.
There are many factors to consider when addressing investment accounts during a divorce. Because of the complex nature of these financial issues, some people in Florida find it helpful to discuss their concerns with an attorney. An assessment of the individual case can help a person see how he or she may be able to protect financial interests during the property division process.