Four Common Financial Issues Facing People Who Are Divorced
Getting a divorce can be devastating emotionally. Unfortunately, it can also wreak havoc on your finances. Having an experienced Fort Lauderdale divorce lawyer on your side helps ensure your rights are protected and can prevent serious financial problems in the future. The following are the four common issues that are likely to arise.
- Adjusting to living on one income.
It is challenging making the adjustment to one income post-divorce. It is particularly difficult if your spouse was the primary breadwinner. In most cases, you have the right to enjoy the same standard of living as you did during the marriage. To help offset lost income, and to allow time to gain the experience and skills needed to reenter the workplace, you may be entitled to spousal support or alimony under the Florida Statutes.
- Paying alimony or child support.
Income not a problem? If you make significantly more than your spouse or they sacrificed their own career for the sake of your marriage, you may be the one who has to make spousal support payments. Ask your divorce lawyer if you might be able to reduce these amounts via a property settlement.
Also, if you have children and depending on the outcome of child time sharing proceedings, you may be required to pay child support. The court will factor in the child’s needs and the income and assets of both parents in determining an amount that is fair. If your financial situation changes significantly in the aftermath of your divorce, let your divorce lawyer know, as this could prompt modifications.
- Dealing with marital debt.
When going through divorce proceedings in the Broward County Family Court, equitable division is an important issue that will be addressed. This applies to all marital property and assets, as well as to all marital debts.
Discuss your options for being debt free with your divorce lawyer. This may require paying off what you can prior to your divorce being finalized, selling items as needed, and possibly surrendering the rights to certain marital property to avoid having to make payments.
- Rebuilding your credit.
Divorce can wreak havoc on your credit rating. In some cases, the actions of your spouse may have caused your credit score to plummet. In others, it may simply be a matter of having to reestablish credit on your own.
During divorce proceedings, you should close all joint accounts, transfer money into your own checking or savings, and consider opening up an individual credit card or taking out a small personal loan. Repaying amounts owed via timely payments can help you rebuild your credit score quickly.
Reach Out To Our Fort Lauderdale Divorce Lawyer
The best divorce lawyer works to ensure you are protected financially, both during and after your divorce. For help in making what could otherwise be a difficult adjustment, reach out to the law office of Vanessa L. Prieto. Give us a call or contact our Fort Lauderdale divorce lawyer online and request a consultation today.