Divorce is often emotionally difficult for those involved, but some divorces can even be financially stressful as well. Many changes are brought on by divorce, both in a person’s emotional well-being and financial situation, and if an individual is not prepared, the aftermath can be devastating. However, if Florida residents take certain actions to ensure that they are financially ready for the divorce, it can help the entire process.
One of the first things that an individual may want to do is prepare for the difficulties ahead. Participants should understand how the divorce will impact them financially, as drastic changes can occur during the divorce. A participant’s net income can decrease, their assets can decrease, and they may have to learn new skills such as budgeting.
Next, individuals may want to open new accounts to put their share in and take their names off of any joint accounts. This can include bank accounts, property and even brokerage accounts. Credit cards are also important, as the other spouse has the ability to run up a bill if both names are on the card.
Divorce is never easy for those involved, and only time can heal the emotional wounds that are caused by separating. However, if individuals take care of the financial issues before they occur, it could help with the separation immensely. With the financial problems taken care of, Florida residents could focus on coming to terms with the separation and getting through the other parts of the divorce process. This could allow the individuals to focus on the positive changes ahead.
Source: Forbes, “Finances For The Newly Divorced Made Easy“, Neal Frankle, Sept. 15, 2014