Photo of Drew Wood

2 financial rules to live by when divorcing in Florida

On Behalf of | May 15, 2023 | Divorce |

Nearly all couples underestimate the economic effects of getting divorced. As such, many emerge from the proceedings with few financial resources to sustain their new lives. Even the wealthy can suffer unexpected money woes during and after a divorce.

You may anticipate a fair property division outcome, which could alleviate possible financial worries. Still, it remains wise to strengthen your economic position before and during your divorce.

Following the rules below can help you safeguard your post-divorce economic security.

Avoid major purchases

Buying something nice for yourself could take your mind away from your troubles for a while. Unfortunately, spending large sums is unwise until your divorce is behind you.

Property division in Florida works fairly when both spouses refrain from making major purchases. That way, both have equal odds of getting a fair and balanced property settlement.

Address credit issues

Whether you and your spouse own joint credit cards or obtained a loan together, you must decide how to address your shared financial liabilities. Often, couples try to sell high-value assets like vehicles, boats or the family home and use the proceeds to pay their joint credit obligations.

It is critical to remember that you may not sell marital assets without the cooperation of your spouse. Doing so could land you in trouble during the asset disclosure and property distribution stage of divorce.

Of course, you will want to learn as much as possible about all the family law issues that may arise during a Florida divorce. The knowledge you gain ensures you are equipped to protect your property and child-related rights (custody, support, etc.).