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Achieving and maintaining financial stability after divorce

When a couple parts ways, at least one party usually has to secure new living arrangements. That can be a costly endeavor, and comes just at the time when both parties are adjusting to a new financial outlook. It is important to make wise decisions in the months that follow a Florida divorce. Budgeting and savings are essential components of that process.

Newly divorced spouses should take the time to create a comprehensive post-divorce budget. Having a clear understanding of all income, assets, debt and expenses is critical to maintaining financial stability. Budgeting can also help avoid excessive spending during the process of creating a new household. Even small expenses tend to add up quickly, and individuals who do not maintain control over their budget can end up with a mountain of credit card debt just as they begin a new chapter of their lives.

Creating a savings plan is also an important step, even for individuals who feel that they have no room in their budget to set aside savings. No matter how small an amount, a regular pattern of saving can reap substantial benefits over time. That can help individuals create a base of financial security that can last for many years to come.

With the right degree of motivation and hard work, newly divorced spouses can quickly gain control over their financial future in the months following their divorce. Budgeting and creating a savings plan are integral to that process. Florida residents must remember that while divorce is the close of one chapter of their lives, it is also the beginning of another. Having the financial stability needed to move forward is an empowering step.

Source: khou.com, "9 things you should do after a divorce to save your finances", Janet Berry-Johnson, Jan. 19, 2017

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The Law Office of Gustavo E. Frances, P.A.
200 S.E. 6th Street, Suite 402
Fort Lauderdale, FL 33301-3424

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