Covering All The Financial Bases During Divorce
How to properly divide marital wealth in spouses especially for who has not played an active role in managing family finances? let us know your property division goals and questions.
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Thursday,
June 08, 2017.
posted in Divorce

On behalf of The Law Office of Gustavo E. Frances, P.A.

For many Florida residents, moving through the property division process is one of the most stressful aspects of ending a marriage. Understanding how to properly divide marital wealth is a challenge, especially for spouses who have not played an active role in managing family finances. For those individuals, it is absolutely critical to construct a post-divorce budget that will outline projected expenses for the months and years to follow the divorce.

When constructing a budget, spouses should begin by outlining their basic living expenses. This includes the cost of any new housing arrangements, including items such as utilities, insurance and the need to procure new furniture or household items. It is also important to include expenses that do not occur on a monthly basis, such as car maintenance and repair, vacations and unexpected veterinary care.

Parents must also consider expenses related to raising their children, and should understand the ways in which those expenses shift and change over time. For example, a toddler may require full-time childcare while the parent re-enters the workforce, while an elementary school student may want to participate in sports or after-school activities that require a monthly fee. High school students can pursue a number of expensive activities, and some teens will become drivers prior to leaving for college, which brings about a whole new range of expenses.

By compiling all of this information into a comprehensive budget, Florida spouses can effectively take control over the financial decisions that must be made during a divorce. Having this information in hand allows individuals to create a property division negotiation strategy that can result in a settlement that will meet their financial needs, both now and in the years to follow. As with so many financial matters, there is no such thing as too much preparation during a divorce.

Source:

nerdwallet.com, “7 Ways to Ready Your Finances for Divorce“, Elizabeth Renter, May 30, 2017

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