While the emotional impact of divorce can’t be overstated, you can’t afford to ignore the vast financial consequences that will come with ending your marriage. The simple reality is that your financial position is going to change significantly as you move forward into this new chapter in your life. By taking the time to get prepared, you can have a more solid foundation for your financial future
- Get a clear financial picture — Now is the time to figure out your financial situation so that you know where you stand. If you’re someone who has been relying on your spouse for financial support, you need to see if there are any savings you have access to and determine a plan for how you’ll survive after divorce.
- Set a budget — Know your income, and plan for your expenses, including divorce related expenses like child support and alimony. Identify discretionary expenses (those things like eating out and going to the movies) so you can make adjustments where necessary to thrive financially in your new life.
- Protect yourself — Make sure to keep an eye on your credit report as your credit could take a hit from the divorce. Ensure any joint accounts have been closed, and change any passwords to your personal banking and financial accounts to prevent tampering
Are you facing divorce? The knowledgeable legal team at Miller Law Associates can guide you through your Florida divorce, offering expert representation at low, flat-fee pricing. Learn more at www.DivorceYes.com.