People in Florida who are going through a divorce and who have not been involved in managing the family money during the divorce may face some additional challenges. Women are particularly likely to find themselves in this position since they often leave financial management with their husbands, especially in a long marriage.
Gaining financial literacy is critical, but it can be difficult to take in the necessary information during the emotional crisis of a divorce. Women will need to think about both their short- and long-term needs. It is not uncommon for them to get the family home or other illiquid assets as part of property division, and they might need cash flow. They may want to consider a home equity line of credit or borrowing against some other property. While they might be receiving alimony for a while, they may need to become self-supporting eventually, so they might want to start thinking about a plan for this as well.
It could be helpful to work with a financial adviser who has a background in dealing with divorce issues. The advisor may be able to help the person determine how to manage the divorce settlement.
A lower-earning spouse or a spouse who has not worked outside the home who is considering divorce may want to gather important financial documents and talk to an attorney about how property might be divided. This can help them start to make plans. Since Florida is not a community property state, property is not necessarily divided equally but is supposed to be divided equitably. A couple may decide what this looks like if they are able to negotiate a settlement agreement. If they cannot agree, they can go to court where a judge will decide.
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