Financial errors that add to the long-term cost of divorce

Divorce often disrupts income and produces turbulent emotions. For spouses in Florida in the process of ending their marriages, the upheaval could lead to financial mistakes. Despite feelings of anger, spite or sadness, financial planners recommend that recent exes keep their eyes on the future and avoid activities like buying big-ticket items to make themselves feel better.

Actions meant to soothe hurt feelings or manipulating income to get around legal obligations could produce undesirable consequences over the long term. A payment on a fancy car might become stressful after settling into the reality of living on one income. Even worse, intentionally leaving a job to dodge a spousal support ruling could derail long-term earning potential and increase time spent in court.

The marital home often inspires conflict. In fact, many ex-spouses go to great lengths to get possession of such property. However, winning this battle can backfire on a person who lacks the income to maintain a home or pay its taxes without a double income.

Essentially, people need to approach divorce with a financial plan to get through the process and set themselves on the road to recovery in the future. They should consult a financial planner to learn about possible tax bills after a divorce and plan a budget for a single income.

Legal advice could also help a person navigate decisions that involve rights to certain marital assets, debts and access to children. An attorney could research how the law might determine the division of property and calculate child support. Legal counsel could also communicate a client's position to a family court judge and strive to obtain an equitable divorce settlement.

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Rachel Rall, Attorney at Law, P.A.
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Jacksonville, FL 32210

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