The many costs associated with divorce

| Aug 12, 2019 | divorce

Florida spouses who are going through a divorce should think about the financial impact of separating. While ending a marriage may be necessary, it’s important to go over one’s current financial situation before starting the process. This is because it may be necessary to divide debt as well as positive assets such as a house or retirement account. Therefore, being proactive could make it easier to structure a settlement that’s in a person’s best interest.

There could be many issues to consider when determining how to split a marital home. If neither spouse can afford to pay for it on their own, it might be necessary for both parties to stay on a mortgage. Individuals who can afford to keep the home may not need as much space after a divorce. Parents who are going through divorce might need to figure out who is paying for a child’s college tuition.

If a couple has a joint debt, each person is responsible for making sure that it is paid. This is true regardless of what a divorce decree says because the lender is not bound by it. If possible, an ex should close joint credit cards and other joint accounts to prevent new debt from being accumulated during divorce proceedings.

There are many costs that a person may need to account for when going through with a divorce. For instance, it may be necessary to pay for a divorce attorney as well as the cost of a mediator. However, an attorney could help a client obtain alimony or a larger share of marital assets. This can make it easier to maintain a reasonable lifestyle on a reduced income or while earning nothing at all.