Finances and Your Divorce

Given the high divorce rate and the fact that women tend to live longer than men, on average, it is no surprise that most women are completely on their own with respect to their finances for at least one-third of their adult lives. Statistics from the Women’s Institute for Financial Education show that as many of 50 percent of marriages end in divorce, and another 35 percent end in widowhood. Therefore, it is essential that individuals, and women, in particular, take steps to ensure their financial solvency if they are left on their own, without the assistance of a spouse.

Be Proactive About Preparing for the Future

While money, divorce, and death are all difficult things to discuss, a recent U.S. News & World Report article points out that it is absolutely essential for couples to broach these issues before the unthinkable occurs. Women should be aware not only of their own finances, but those of their spouse, as well. This prevents disaster if a spouse suddenly decides to leave the marriage or passes away unexpectedly. Having an open dialogue and taking preventative measures regarding your finances can help avoid having to substantially change your lifestyle and cut expenses in order to pay the bills. Likewise, you should never rely on or expect your spouse’s life insurance policy, savings, or investments to be there for you should you lose your spouse to divorce, illness, or accident. Many women are surprised to later learn that their late husbands did not leave them in as positive financial situation as they expected, or that they are not entitled to as many assets as they would have expected during a divorce.

Educate Yourself About Handling Finances

Perhaps one of the biggest mistakes that women often make during their marriages is to allow their husbands to handle all of their financial issues, from budgeting to paying the bills to deciding how to invest marital funds. When a husband unexpectedly departs, whether it is from life or simply from the marriage, you don’t want to be left with no clue as to what bills you must pay, what debts exist, and how to manage your household finances. There are many financial literacy resources available to individuals, even if they do not have to access to their own financial advisors. Reading or studying educational materials about your finances can only enhance your ability to properly and successfully handle your financial life if you must do so on your own.

Consult with Your Florida Divorce Attorney Today

Financial matters can become particularly complex during and following a divorce. If you are in the midst of a divorce, you need legal advice and representation that will protect your finances and help you make the decisions in your divorce that are best for you. Contact Vanessa L. Prieto Law Offices, LLC, today, and schedule a consultation with an experienced Florida divorce lawyer who can give you the advice and guidance that you need to embark upon your new financial future.