Once a divorce is concluded, most Florida spouses will walk away with a share of the wealth that was accumulated during their marriage. The proceeds of the property division process should be dealt with very carefully, so that the wealth is preserved and available for use for many years to come. In order to reach those goals, it may be necessary to make financial adjustments in the months or years following a divorce.
When it comes to preserving wealth, there are two basic options that are available to most individuals. People can either spend less or make more. In the best outcomes, they choose a path that accomplishes both of those objectives. In terms of spending less, the same rules apply to newly divorced spouses as to individuals coming out of bankruptcy. Adjust discretionary spending while also maintaining a positive quality of life.
This might mean preparing meals at home rather than eating out, or heading to the park rather than going to a matinee. In terms of making more money, options include taking on more hours at work, picking up a side job, or bettering one’s employment prospects. Some people choose to sell items of personal property that are no longer needed, which can bring in a considerable amount of cash.
No matter what approach works best, the most important thing is to take action. Making financial adjustments after a Florida divorce can help individuals make the most of their property division proceeds. That can mean increased stability in the years to come, which is a great goal to set.
Source: USA TODAY, “Divorce wiped me out financially. Here’s how I bounced back.“, Tamara Holmes, May 25, 2017