Once the dust has settled and the ink has dried, many Florida spouses will emerge from a divorce with a nice nest egg. The wealth gained from the property division process can and should be used to create financial security for the years to come. That is why it is so important for divorcing spouses to have a comprehensive budget for the years that follow a divorce.
The budgeting process begins by making a full list of all expenses. This includes basic living expenses, costs related to employment, entertainment and other niceties. Be sure to include savings in the list, both for short term needs such as an emergency fund, and for long term goals like retirement. Once a spouse has a clear idea of where they will need to be in the months and years after a divorce, it becomes far easier to structure a plan that will get them there.
When making property division decisions, spouses should have their long term financial goals in mind. Certain assets are more attractive than others in terms of liquidity, appreciation potential and tax ramifications. Those spouses who understand the full scope of their post-divorce financial needs will have the information needed to create the best possible property division outcome.
Divorce is a relatively brief experience, but one that has lasting ramifications. Florida spouses will live with the outcomes of their divorce for many years to come. For those who made wise choices in regard to property division, the years that follow the end of a marriage will be far more secure than if they had made hasty or poorly informed choices. Then they can focus on the next step: determining what to do with their wealth.
Source: wotv4women.com, “How to assess your finances post-divorce“, Gail Saukas, March 15, 2017