In some marriages, it is not uncommon for one of the spouses to take the initiative of paying bills, managing accounts and handling financial decisions. While this agreement might work fine during the marriage, when preparing for divorce, it can create a lot of uncertainty for the other spouse.
A spouse who has not been involved in finances might start worrying about how they can access important information in order to make informed decisions during and after the divorce process.
Start gathering financial information
The first step is to get a clear picture of the financial situation of the family. Some important documents that can help in gathering information may include:
- Recent tax returns
- Bank statements
- Credit card statements
- Retirement account record
- Mortgage and loan documents
Even if the other spouse does not have access to all the records, collecting available information might help in better understanding the assets involved.
Do not assume you are at a disadvantage
People sometimes fear that a spouse who controls the finances has all the power during a divorce. However, Florida law generally requires both parties to give full disclosure so that important decisions of property division, child support and spousal support can be made based on correct information rather than guesswork.
When questions arise regarding the missing information or any undisclosed assets legal procedures are in place to gather the additional financial records.
Focus on the bigger financial picture
Divorce can involve more than deciding who pays the bills. Bank accounts, retirement savings, debts, real estate and other assets might have a big role in the result of the case. Taking some time to understand the overall financial picture of the family can help to make an informed decision as the process moves forward.
Taking next steps with more clarity
Divorce can feel overwhelming, especially when one spouse has managed all the finances during marriage. However, less involvement in financial matters does not mean that a person must go through the divorce blindly. Taking measured steps to gather information and learn the family’s finances might help move to the next step with more confidence and clarity.