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Divorce will change your life. There is no way around that and, it can be said that everyone who seeks a divorce is also, inherently, seeking a life change. In addition to a change in your marital status and living arrangements, divorce can bring a host of other changes that many may not anticipate. Financial changes, for instance, are a big part of divorce. It is not uncommon for those in the post-divorce stage of their life to struggle to get their financial bearing after going from what was likely a two-income household, sharing expenses, to a one income household where they themselves are responsible for paying all of the bills. The fact is that maintaining financial wellness can be difficult under the best of circumstances, but it can feel almost impossible in the midst of divorce. To help you weather this storm, here are some tips to protect your financial wellbeing in a divorce.
Protecting Your Financial Wellbeing in a Divorce
A big part of being able to protect your financial wellbeing during divorce starts with understanding Florida’s law regarding division of the marital debt and property. Florida is an equitable distribution state which means that marital debt and property will divide in a manner that is fair, but not necessarily equal. Equitable distribution during divorce only applies to marital property. Separate property will remain under the ownership of the spouse it belongs to as will separate debt. Understanding what is marital and what is separate property as well as how marital property will be divided can help you prepare for the financial negotiations and implications of divorce.
Hiring dedicated legal counsel can also be a big step towards protecting your financial interests throughout divorce proceedings. Retaining a divorce attorney means that you have someone to advocate for your best interests in all aspects of divorce and help ensure that any final agreements incident to the divorce are equitable. It may also be beneficial to retain a financial expert to assist with the valuation of marital assets and debts. Furthermore, a financial expert can help provide guidance on your financial situation as it evolves over the course of the divorce and in the post-divorce setting.
Having a clear picture of your financial landscape is also crucial in successfully navigating divorce and your post-divorce life. Gather and organize your financial documents. Get a sense of your financial situation and become familiar with your assets and your debts. Detail your projected monthly expenses after divorce.
Gathering your financial records and detailing things like your projected monthly expenses post-divorce will also help you develop a post-divorce budget, another critical aspect of protecting your financial well-being post-divorce. It is a big leap to post-divorce finances as you carry all expenses yourself on your own income. Prepare accordingly. Outline your cost of living expenses and get a clear picture of your potential post-divorce financial needs.
Florida Family Law Attorneys
Need dedicated divorce legal counsel? You can count on the team at Bernal-Mora & Nickolaou. Contact us today.
