Avoiding Financial Disaster in Your Divorce

Divorce inevitably has a negative effect on your financial situation, simply because your household often is changing from having two parents and two incomes to having a single parent and a single income. Despite the change in income, however, you still have to pay many or even all of the same bills. Combine this situation with a spouse who refuses to pay for a share of the bills or give you child support, and you have a recipe for complete financial disaster. Fortunately, a recent Huffington Post article outlines some steps that you can take that will allow you to at least minimize potential financial problems as you proceed through your divorce.

Contact an Experienced Florida Divorce Lawyer Immediately

When facing a divorce, your first step always should be to get advice from an attorney who is familiar with Florida divorce law and the divorce process. While it is always preferable to calmly resolve all issues related to your divorce with your spouse, you need to make sure that you are getting all of the support and assets to which you are entitled, and that your settlement is fair to you and your children. If you don’t get proper legal advice, you put yourself at risk for missing something in your divorce. It becomes much more difficult to go back and change the terms of your divorce order; it is simply easier to get it done correctly from the very beginning, and you can only do that with the help of a lawyer.

Be Aware of Your Finances

Far too many individuals leave the family finances to their spouse, trusting him or her to make all of the right decisions. Unfortunately, ignoring your financial situation will hurt you in the long run. You need to be aware of how much your bills are, how much debt you owe, and what you can and cannot afford to buy. You should gather all of your account statements and bills, along with all bank statements, income tax returns, and retirement plan statements, and look over them on a regular basis. This prevents common financial disasters such as your spouse putting all of the debt in your name so that you are always responsible for it, even after your divorce, or from running up significant credit card debts that you know nothing about.

Consult the Appropriate Professionals

There are likely to be tax implications from your divorce, particularly if you and your spouse are dividing assets of any value, such as retirement accounts. Speak with a financial planner if you need help investing or safeguarding the proceeds of a retirement account. Talk to an accountant if you’re worried about owing a large amount of taxes and learn how you can minimize your tax burden. Get an appraiser to place a value on your family business or other valuable assets so that your spouse doesn’t try to downplay its importance in your proposed property settlement.

Get the Help You Need to Make the Best Decisions in Your Divorce

If you are considering divorce or separation from your spouse or partner in the state of Florida, you should be sure to consult with an experienced family law attorney who can guide you through the divorce process. Contact Vanessa L. Prieto Law Offices, LLC in Fort Lauderdale and see what we can do to help.