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Divorcing with your financial future in mind

On Behalf of | Aug 15, 2019 | Divorce |

Many Floridians who are considering divorce find themselves concerned about their future financial well-being. There’s good cause for concern, too. A divorce can lead to decreased income, increased expenses, and significantly reduced savings. Therefore, those who are thinking about marriage dissolution should understand how to financially protect themselves for their life after their marriage ends.

To do so, a number of considerations must be undertaken. One of the first things to think about is what one’s post-divorce budget will look like. Housing, transportation, and everyday expenses like utilities and groceries are likely to increase while an individual will have only one income upon which to rely. Creating a budget can paint a clear financial picture, thereby helping an individual understand how best to approach divorce legal issues such as property division.

Property division, of course, plays a major role in one’s post-divorce financial stability. This is why Floridians need to fight for a fair split of marital assets while keeping in mind liquidity and tax implications. Marital debts also need to be taken into account and dealt with carefully. Failing to do so could have serious negative financial consequences for a party who didn’t even accept responsibility for the debt since most of these debts remain jointly held despite marriage dissolution.

There are many other financial issues that must be dealt with to fully protect one’s post-divorce financial interests. Clearly laying out child support matters can avoid surprises later down the road, and coming up with a backup plan in the event of a former spouse’s death, such as by securing a life insurance claim through divorce, can be part of a competent divorce strategy.

Dealing with these matters can be overwhelming, though, which is why many Floridians want help with their divorces. Fortunately, skilled divorce attorneys stand ready to assist in hopes of securing the fresh, stable start divorcees need and deserve.

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