Finances and Divorce: Five Things You Need to Consider
Beyond being stressful and fraught with emotions, divorce carries with it many difficult financial questions. If you are considering getting a divorce in Florida, or if you have already filed for divorce, you need to think about your finances. Careful financial planning can pay off big in the long run. In this post, our experienced Orlando divorce attorney highlights five of the most important things you need to keep in mind when it comes to post-divorce financial planning.
- Child Support
If you are getting divorced in Florida, and you have children under the age of 18, child support could be a major issue in your case. It is important to make sure that a fair amount of child support is awarded, based on the specific financial circumstances of each partner and custody arrangement that was reached.
- Spousal Support
Beyond child support, you may also be ordered to pay, or entitled to receive, spousal support. Also known as alimony, spousal support is typically awarded in divorce cases in which the parties were married for a considerable period of time and they have a differing earning potential going forward. Under Florida law, spousal support can be awarded to either the man or the woman.
Far too many divorcing couples fail to think about their housing and future living arrangements. Depending on your current circumstances, you may be forced to put your family home on the real estate market and find two new apartments or condos. This can be an incredibly time-consuming and stressful process. To best set yourself up for success, it is important to consider housing and future living arrangements early on in the divorce process.
- Post-Divorce Budgeting
After getting a divorce, your budget will change dramatically. Not only will you have less income coming in each month, but you will likely not be able to share expenses in quite the same way that you were before the divorce. Your income may drop by a much higher percentage than your expenses. To put it bluntly, this can be put some people in a financially distressed position. You need to plan ahead by budgeting carefully.
- Retirement Assets
Finally, all divorcing couples need to pay close attention to their collective retirement assets. Increasingly, retirement accounts and holdings are among the most fiercely disputed issues in Florida divorce cases. You should work with an Orlando divorce lawyer who has the skills and experience needed to protect your right to receive a fair share of the retirement assets.
Contact Our Top-Rated Orlando Divorce Attorney Today
At the Law Offices of Steve W. Marsee, P.A., we have deep experience handling complex Florida divorce cases. We can help you figure the best way to protect yourself and your financial future. If you are getting divorced, and you have any questions or concerns about your finances, please call us today at 407-521-7171 to set up your confidential case evaluation. Our firm is based in Orlando and we serve family law clients in Orange County and throughout Central Florida.