Divorce involves many challenges, and the financial changes that often come with it are not always easy to manage. Fortunately, there are some proactive things that you can do to stabilize your financial situation during your divorce which will put you in a good position to move forward with the confidence that you can keep yourself afloat.
One piece of the financial puzzle which is associated with divorce is splitting one household into two. It is likely that you will either be moving out of your home at the beginning of your divorce or looking for somewhere new to live if you have been living in the marital home and you and your spouse decide to sell it as part of the divorce. Plan your move carefully, because snapping up the first place that you see could mean passing up a better deal on a place that you would have liked more. Before you select properties to look at, write down what type of living space you need. How big should it be? How many bedrooms do you need? Where would you like for it to be located? Include everything that is important to you, and use the list to select a few places to look at before you make a decision about which one will work best for you. Obtaining living quarters is one piece of the puzzle, and equipping those living quarters with utilities is another. You can make some smart moves in this area by purchasing only the services that you absolutely need. Can you change your cell phone plan to something cheaper that will still give you all of the features that you need? Is it time to ditch the land line phone? Are there services which can be bundled together for a better deal? Once you decide which services and utilities you need, look for the best price for each of them.
Managing debt is another element of remaining financially stable during and after your divorce. As soon as you know that you are getting a divorce, avoid incurring any new debt. Try to pay off some of your smaller or higher interest debts prior to the divorce. This move seems counterintuitive; especially if you think that dividing up responsibility for paying the debts as part of your property settlement will ensure that your spouse pays his or her fair share. The unfortunate reality is that when one spouse accepts or is assigned responsibility for a debt as part of the property settlement or order and they fail to pay it, the creditor may try to collect payment from you. In contrast, paying off debts before the divorce ensures that they are gone forever.
Other financially savvy decisions that you can make during your Florida divorce include settling your case instead of litigating it, making sure that you fully understand all of the financial implications of any proposed settlement before you accept it, and hiring an experienced divorce attorney to help you pursue a favorable outcome in your case.
If you would like to learn more about your legal options regarding your Florida divorce or any other important family law matter, please contact the Law Offices of James S. Cunha, P.A. at (561) 429-3924 or via email at [email protected].