Can Divorce Be Good for Your Finances?

Financial stress is nearly universal in our society, but almost everyone who struggled with debts during their marriage finds that their financial problems get worse after they divorce, at least temporarily.  Divorce is a major life change; think about how much money you spent on your wedding and how much you spent on baby gear and childcare when your first child was born; when you consider that these expenses are no longer an albatross around your neck, it is easier to remember that this too shall pass.  Once your divorce becomes final, financial decisions belong to you alone, and in a few years, you will be able to see the fruits of your financial decisions.  Of course, it is much easier to rebuild your finances after divorce if you get a fair share of the marital property.  For help becoming financially independent after divorce, contact a Boca Raton divorce lawyer.

Your Ex’s Impulse Purchases Are No Longer Your Problem

Finances are one of the leading reasons that people divorce.  Perhaps you decided to divorce after one too many years of your spouse spending all your hard-earned money on frivolous purchases, leaving you starting from scratch every month to earn enough to pay that month’s bills.  When you get divorced, you and your spouse can decide in mediation how to divide the marital debts; if you cannot, then the court will divide them in the manner it considers fairest.  This means that once you pay off the share of your ex’s debts that followed you after the divorce, you do not have to worry about them piling up again.  If your ex racks up new debts after your divorce, they are not your problem.  If your share of marital debt is too burdensome, you can consolidate it, settle the debts for a lower amount by negotiating directly with creditors, or file for bankruptcy protection.

Alimony Does Not Last Forever

If your income is much higher than your spouse’s, the court might order you to pay alimony.  The courts use alimony awards as a last resort; if possible, the court will award your ex valuable marital assets that will remove the need for alimony.  Florida abolished permanent alimony in 2023, so your alimony order will come with an end date.  If your ex remarries or enters a financially supportive domestic partnership, you can terminate the alimony obligations early.

No One Said Rebuilding Your Finances After Divorce Was Easy

Even if you stay focused on the big picture and on pursuing your long-term financial goals, the financial stress of divorce is undeniable.  You can make things easier by taking divorce mediation seriously, thinking through the consequences of what you are agreeing to, and not being so stubborn that your case must go to trial.

Contact Schwartz | White About Finding Your Financial Footing After Divorce

A South Florida family law attorney can help you look on the bright side about your finances after divorce.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

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