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How do I protect my money in a divorce?

Getting divorced in Florida is not as taboo as it once was. With millions of people divorcing each year, it has become a common topic across the country. Many people worry about how much money they will lose in their divorce to their former spouse, which is why we are taking a look at how to protect that money in today's post.

One of the most important things you can do is sort out your mortgage and rent payments. If you are making either one of these payments, you will need to continue to do so even during a divorce. These payments do not stop when you are divorcing. Mortgage companies and landlords expect to receive their payments no matter the circumstances.

You need to adjust your will if you are headed for divorce. You can also do it once the divorce goes final. Adjusting your will accordingly will help you protect your money and the people who receive it once you pass away.

If you are a stay-at-home mom, consider opening an account in your own name. This is a great way to build credit in your name as an individual, which can come in handy if you get divorced in Florida. You don't want to find yourself without credit and without a job if you get divorced.

Come to the realization that your retirement account will likely be divided among you and your former spouse, even if it has only your name on it. The division of these accounts is governed by a Qualified Domestic Relations Order (QDRO) in the state of Florida.

Headed for divorce in Florida? A high-asset divorce can be complicated. Speaking with an experienced divorce attorney in Fort Lauderdale can make the entire process easier to understand and handle.

Source: AARP, "Protecting Your Money in a Divorce," accessed July 12, 2017

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