A divorce is an extremely difficult situation for both spouses, their children and their families. It will likely test you physically, mentally, emotionally and financially.
In Florida, a divorce can be very expensive especially if legal proceedings take longer than expected. It can compromise your financial situation during and even after its completion. So, is there a way to secure your finances in this situation?
Create a divorce budget
A divorce can typically cost around $10,000 or more. This can vary depending on your situation and on court fees, which differ by county. Therefore, it is important to account for your income, assets, debts and expenses to create a budget during divorce proceedings.
By creating a budget and sticking to it, you can ensure that you have enough money to pay bills and legal fees as well as ensure your quality of life during a challenging period. It would be wise to consider allotting more funds for essential expenses and emergency funds.
Get your financial records in order
You will have to divide marital property during divorce proceedings. Therefore, you and your spouse must get a complete and honest accounting of both of your financial situations during a divorce.
It is a good idea to prepare financial documents such as:
- Tax returns
- Bank statements
- Debt and loan information
- Insurance policies
- Deeds to properties and other assets
By having a clear picture of both you and your spouse’s financial situations, a court can more fairly divide your assets which can result in a better outcome for both of you after a divorce.
A divorce is expensive, but these are some steps you can take to protect yourself from a compromised financial situation.