Taking Time To Assess Your Finances
Because a divorce impacts so many areas of a person’s life, including their current spending and future financial plans, getting a hold on your financial situation now can help you plan as you exit a marriage and finalize your divorce in the state of Florida.
Complex situations can be made simpler when you break large projects down into smaller tasks. Your Tampa family lawyer can guide you through the process, sharing with you ways to take financial control.
Reallocations, Reducing Expenses, and More
While everyone’s situation will need to be reviewed individually, as some people have a lot of stock investments while others own properties, for example, there are steps that everyone can review in order to get a hold on your finances during and after a Florida divorce.
- Create a monthly budget. When you know what your expenses are, you can make decisions about how much you need in the coming years.
- Review your credit report. If you haven’t already, request a free credit report and review it for accuracy. Dispute any errors you find.
- Update your estate plan. When divorcing, it is time to update your will, trusts, power of attorney and any other estate planning documents.
- Negotiate a fair divorce agreement. Ensure that the property division and spousal support orders in your divorce decree are fair and meet your needs.
- Shifting your investments. Reallocating your investments may be required in order for you to thrive in your new financial situation. If this is overwhelming for you, consider working with a financial advisor.
- Make a plan to deal with debt. If there are marital debts you will be responsible for once the divorce is finalized, create a plan to pay them off.
- Open separate bank accounts. Do not continue to share accounts with your soon-to-be-ex spouse, be sure you have separate checking and savings accounts
- Consider reducing expenses. If your living expenses are too high to manage on one income, look into downsizing your living expenses by selling your house or moving to a smaller place.
- Plan for short term and long term. Set financial goals for yourself, such as building an emergency fund and saving for retirement.
Remember to be kind to yourself throughout the process. It may take time to get your finances back on track, but a fresh start is possible. There are professionals, such as attorneys and financial advisors, available to help, if needed.
Turn to a Tampa Attorney
Adjusting to new financial circumstances is not always easy, but you will adapt. Understanding the facts of the situation will give you a sense of control over your life, which can be empowering. Share your objectives with a Tampa family lawyer, then your attorney will fight for your goals.
Is your financial future a source of worry for you? You don’t have to blindly accept terms put forward by your spouse’s legal team. Have your own lawyer explore your options. Connect with the legal team at Blair H. Chan, III. Call 813-280-5301 to schedule a consultation.