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Getting divorced? Keep finances in mind

Juggling finances and balancing home life with work and other obligations or commitments can make the average person's life quite challenging at times. If you and your spouse have decided to file for divorce in a Florida court, you might be feeling stressed, anxious or worried right about now. It's okay. You are definitely not alone in your struggle. In fact, before 2019 ends and during the first few weeks of the new year, many people will likely make similar decisions to end their marital relationships.

If you're a parent, your children's best interests are no doubt your main concern. However, don't forget about finances, as such issues are also typically a high priority, especially if you've been out of the workforce for a while and will need to obtain employment to make ends meet when you are no longer sharing a household with your spouse.

Several major financial topics to consider

Florida is an equitable property state. This means that, although the division of marital assets will be fair, it won't necessarily be equal. Will you sell your house or keep it? Do you own vacation property, a boat, an art collection or other valuable assets? Property division is a high priority because its outcome may not only have an impact on your here and now, but it can significantly affect your future, as well.

Who is liable for what?

When people hear the term "property division," they often mistakenly think only of marital property and assets. However, the judge overseeing your case will not only determine how to split marital property, he or she will also split marital debt between you and your ex. Did your spouse enter marriage with an enormous amount of college loan debt in tow? Why should you be responsible for paying it?

Don't get blindsided in court

If you go to court without knowing your rights or how to protect them, or if you have no basic understanding of Florida property division laws, there's a great chance you might not receive as fair a settlement as you might if you have taken time to discuss your case ahead of time with someone who is well-versed in such issues.

If possible, you and your spouse can agree to sell assets before finalizing your divorce to pay off existing debts. This way, you both walk away debt free and can more easily lay the groundwork for a stronger post-divorce financial future.

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No matter what's your family's need, Brandon Family Law Center has the knowledge and experience to help you. To schedule an initial consultation to discuss your case with the experienced and caring divorce and family lawyers at Brandon Family Law Center, email or call us at 813-438-7119.

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