Financially Planning To Prepare For A Fort Lauderdale Divorce

The fact that your marriage is failing and a divorce looms on the horizon may be difficult to accept. It is easy to get overwhelmed by all the emotions involved, but there are other important issues at stake.

If you are considering a divorce in Fort Lauderdale, financial planning is a top priority. Our experienced Fort Lauderdale divorce lawyer explains some of the financial issues surrounding divorce and offers tips to help ensure you are prepared.

Preparing Yourself For Financial Changes In A Fort Lauderdale Divorce

If your marriage is in trouble and divorce seems imminent, you may be overwhelmed by all the emotions involved. This is understandable, but it can leave you unprepared for what lies ahead.

Getting a divorce in Fort Lauderdale involves some major financial changes. Now is the time to prepare and make the necessary adjustments:

Make an inventory of all marital property and assets.

This includes homes, vehicles, furniture, and other household property, as well as money in bank accounts, investments, digital assets, and businesses.

Calculate outstanding credit card balances and other debts.

Once you have totals for personal loans, credit cards, and other debts, focus on paying them down.

Consider the costs of maintaining your home.

In addition to your mortgage, calculate the monthly maintenance costs and whether you will be able to afford it after your divorce.

Consider children and other expenses.

Calculate the income needed to continue providing for yourself and your family.

Reestablish your individual credit.

Divorce can take a toll on your credit rating. Open your own bank account and begin rebuilding by getting a credit card in your name only and paying it off each month.

Financial Planning: Protecting Your Rights In Fort Lauderdale Divorce Proceedings

Nerdwallet offers additional divorce financial planning tips and encourages getting legal help. Consulting with an experienced Fort Lauderdale divorce lawyer protects your rights and aids in getting the best possible divorce settlement.

As part of your financial planning, we can advise you on how the Florida Statutes apply in your particular case and areas that need to be addressed. These typically include:

• Equitable property division: Florida follows the rule of equitable division in divorce. You have a right to a fair share of all property and assets (including retirement and pension benefits) accrued during your marriage.
• Spousal support: Alimony may be available if you make less than your spouse or sacrificed your career for theirs.
• Child support: Florida family courts generally encourage child time-sharing. Obligations in terms of financial support vary based on these arrangements, as well as the parent’s income and the child’s financial needs.

Schedule A Consultation Today With Our Fort Lauderdale Divorce Lawyer

There are important financial matters that need to be addressed before getting a divorce in Fort Lauderdale. To ensure you are fully prepared, contact the law office of Vanessa L. Prieto. We provide the comprehensive care and trusted legal guidance you need during this difficult time. Schedule a consultation today with our Fort Lauderdale divorce lawyer.

Sources:

nerdwallet.com/article/finance/7-ways-to-prepare-your-finances-for-divorce

leg.state.fl.us/Statutes./index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html