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Broward County Divorce Law Blog

What should you think about before signing a divorce decree?

No divorce is perfect, and no divorce is without its complications. You have to sever ties with your spouse, and that might also mean losing friends or alienating family members. Despite all that, you must continue and work toward dividing your assets. This helps secure your financial future.

There are several things you can do to go through the divorce process more easily. For example, reviewing your expenses and financial obligations is helpful. Before you ever sign a divorce decree, make sure you know how much money you have, will have and need to be secure. Know your income sources and calculate your new expenses. Although you may have had a budget before, you need to recalculate how much everything costs when you live on your own.

The Hague Convention protects you and your children

As a parent, one of the worst feelings is knowing you can't reach out to your children or tuck them in at night because someone took them from you against your wishes. This is the reality for some parents who are victims of parental kidnapping.

In a case of parental kidnapping, a parent takes his or her children out of the custody of the other parent without permission. It goes against court orders and is illegal in the majority of cases.

These mistakes can make a divorce harder on you in the future

Divorces are hard for anyone, but when thousands, hundreds of thousands, millions or even billions of dollars in assets are at risk, your divorce is of particular importance to you. Splitting your assets isn't just about maintaining your standard of living, it's about keeping what you worked hard for.

With a high-asset divorce, it's important to work with a legal professional, because there are many documents that have to be produced. An accountant may be necessary to show how much investments have grown or to prove how much you earn each year. If you have a prenuptial or postnuptial agreement, it will help you show how you and your partner decided to split your assets. If not, then it's time to work together to decide on an outcome you can both live with.

Men: Here's a few tips for handling your finances during divorce

Men who are going through a divorce might think they're biased against in court, but fortunately, that's not the case. There are many things you can do to help make this divorce go smoothly and work out in your favor. Yes, divorce is a challenge and it can be complicated for everyone involved, but there are steps you can take to make sure you're prepared.

For example, making sure you know how much divorces can cost could help you prepare financially. It's not uncommon for an average divorce to cost $20,000, but the cost does vary significantly depending on a variety of factors. For instance, if you need experts like counselors or forensic accountants to help you with the divorce, it's likely to cost more than if you don't.

What are some unusual marital assets to look for?

No one plans to get a divorce, but since you're going to move forward with yours, it's time to start locating your assets. How can you find all of your marital assets? The first thing to do is to recognize that there are some you might not even be thinking about. Normal assets like property or bank accounts may seem obvious, but others, like old retirement accounts or investments, may not be as easy to locate. Here are a few assets you should remember to look for, even if you're not sure if you or your spouse have them.

Capital loss carryovers are a huge money-saver for your taxes, so check last year's return to see what deduction you can take. If a capital loss took place during your marriage, the loss, which reduces your tax liability, should be addressed in your divorce settlement directly.

Spouses may hide assets: Know where to look

When you're going through a divorce, one of the things you may have questions about is whether your spouse is hiding assets. Financial issues are a concern during divorce, and it's not unusual for couples to fight over them. It's also not uncommon for spouses to hide assets from one another.

When one spouse hides assets, the other spouse may have trouble finding them during divorce. That's why many people turn to attorneys who specialize in discovering hidden assets or financial documents. Commonly hidden assets include bonds, cash, insurance policies and annuities, gun collections, paintings, collection pieces, travelers' checks and more.

These tips can help you protect your finances after divorce

After a divorce, you may need to work with your finances. While your settlement determines much about which assets you get, you may find that you have to adjust your lifestyle to suit your income and changes in your assets.

One of the first things you should do is look at your household budget. Regular bills, like alimony, child support, house payments and utility bills need to be accounted for each month. These are the first items to put in your budget. After that, you can account for other things, like going on vacation or getting groceries.

Think your spouse is hiding assets? You can investigate

Getting a divorce is difficult, and you know that part of that struggle is dividing your assets. For many people, this is relatively straightforward, but for others, there may be assets they aren't sure about or that they can't find. For them, finding those hidden assets can make a major difference in their settlements.

Today, electronic trails make it much easier to discover assets that have been hidden or moved. For example, putting a GPS in someone's vehicle or even tracking the GPS coordinates of their phone can help you identify where they've been and if that can be associated with where missing assets might have gone. Phone records, email records and even chats make it simpler to find assets.

A post-nuptial agreement can help separate your assets

If you've already gotten married and didn't want to bring up a prenuptial agreement, all is not lost. You can still protect your assets if you decide to go through with a post-nuptial agreement. Things change during marriages, from your finances to your career paths, so protecting your interests isn't necessarily a bad thing. A post-nuptial agreement can affect you and your spouse, so it's important to come up with one that is fair and all-encompassing.

Your post-nuptial agreement can determine who is responsible for which debts in your marriage, to create a waiver that states your spouse won't be entitled to your retirement accounts if you divorce and even to describe how your assets will be split in the case of your death or divorce.

Is alimony still necessary?

Is alimony necessary? Do people in this day and age really need assistance after a divorce? The short answer is yes, and there are several reasons for that.

Alimony aids those with low or no personal income to get on their feet after a divorce. It can be temporary or permanent, and it gives someone who has spent time as a homemaker or a lower-wage earner in the relationship a chance to catch up and live reasonably after the divorce. Alimony isn't necessarily paid by the male every time; it usually is paid by the spouse who earns more.