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How a divorce might impact your finances

| Feb 16, 2021 | Blog, Divorce Mediation |

A divorce can have a significant impact on your finances regardless of how quickly, amicably or affordably it is settled. Therefore, it may be a good idea to create a financial plan before ending your Florida marriage to ensure that you’ll be able to live comfortably on your own. It may also help you determine what you need from a final settlement.

All joint assets may be divided when a marriage ends

If you bought a home with your former spouse, you may be ordered to sell it and split the proceeds from the sale. You may also be ordered to cede a portion of a joint bank, brokerage or other type of financial account. Generally speaking, retirement accounts are considered joint assets even if only one person’s name is on it.

You’ll likely need to spend money on legal fees

Even if you settle a divorce through mediation, it’s typically in your best interest to have an attorney review an agreement before it takes effect. You should expect to pay about $1,000 to pay for the mediator and an attorney to look over the settlement document. However, legal fees, court costs and other expenses can total more than $10,000 if your case goes to trial.

Spousal and child support payments may begin before the marriage ends

A judge may order you to make child support, spousal support or other types of payments after separating from your spouse. Depending on your current financial situation, these payments may total $1,000 or more each month. It’s important to note that these payments may be terminated after the divorce decree is issued.

A legal professional may be able to help you understand your rights before, during and after a divorce. As Florida is an equitable distribution state, you may be entitled to a majority share of joint assets in a final settlement. You may also be entitled to alimony on a temporary or permanent basis.

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