Let’s face it, there are certain financial realities of divorce that must be confronted in order to help smooth the transition into post-divorce life. After all, there are costs associated with getting a divorce and then there is the move from what could be a two-income household of shared expenses to a one income household where one person shoulders all of the expenses. The fact of the matter is that this can be a difficult time of financial adjustment, but there are ways to make it much easier. Here, we’ll take a look at how you can financially prepare for divorce.
A Guide to Financially Preparing for Divorce
Spending the time to prepare yourself, financially speaking, for divorce may seem like you are just adding things on your already lengthy to-do list. The truth of the matter is, however, that making a concerted effort to get your finances in order now may save you a world of time, stress, and financial pressure later on. Believe us, it is worth the time investment now.
For starters, get yourself organized. Go through your finances and get your records in order. This will serve two major purposes. First of all, you will have all necessary financial records in place to provide during divorce proceedings. Having all of this organized and readily accessible can be a big help in saving time and streamlining the divorce process. Consider retaining and organizing records from at least the past two years. These records will include a range of financial documents such as tax records and pay stubs as well as credit card bills and other account records. Not only will this record gathering and organizing mission help streamline the divorce process, but it will also help you get a better understanding of your finances. You need to know your spending habits and income level to help prepare for the road ahead.
You will also need to know your soon-to-be former spouse’s financial status. It is a dangerous game to go into a divorce without being aware of their finances. It will help you prepare for how things are likely to be addressed during the divorce. For instance, you may want to request spousal support. Knowing your spouse’s financial situation will better prepare you for whether or not a court would find they had the ability to pay you spousal support.
Develop a projected budget based on your current income and estimated post-divorce expenses. Allow some wiggle room as there may be adjustments necessary along the way. Starting with a basic budget, however, will help keep you on the right financial track. It will also help you get a picture of what your post-divorce life could look like, such as where you can afford to live and whether or not you need a plan to get extra training or experience in order to seek a higher paying job. You will also need this information if you plan to request alimony.
Florida Family Law Attorneys
If you are considering divorce, do not hesitate to reach out to the trusted Florida family law team at Bernal-Mora & Nickolaou. Contact us today.