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Important financial considerations of a divorce

On Behalf of | Dec 6, 2021 | Family Law | 0 comments

For most people contemplating divorcing in Florida, the financial implications rank fairly high, though perhaps not always at the top of the list. Emotional considerations often tip the balance when couples decide to end a marriage.

Still, preparing for a bright financial future after divorce requires sound planning and knowledge.

Taking a look at the big picture

When it comes to finances and divorce, Forbes recommends people take as many positive steps as possible to support financial well-being. This includes consulting with a financial advisor in some situations or forming a trusted team of professionals. Individuals should also consider the tax implications of divorce, especially in the first few years.

Divorcing spouses should also pay close attention to retirement accounts. Especially when people divorce later in life, the outcome of the division of retirement accounts can have a significant effect on when retirement happens and what that might look like. This is also a good time for separated partners to update beneficiaries and other important legal information. An up-to-date estate plan can prevent extra paperwork or even assets from going to the wrong people in the case of sudden death.

Selling the marital home

Divorce sometimes forces the sale of the primary marital residence to effectively apportion out assets. Since many homes today require two incomes to meet mortgage payments, a divorce often necessitates a sale. The exact details of the sale require some discussion and agreement between the separating partners. Successful negotiation in this area can pave the way for a more equitable division of property, and give couples more options.

The critical step of getting finances in order remains an important goal in divorce. Each person has a unique set of financial issues going into a divorce that requires serious consideration.