Every family’s needs are unique, and each divorce proceeding reflects that. To that end, one issue that may have a significant impact on post-divorce finances is property division. Florida residents who are preparing to divorce may benefit from some sound advice regarding common errors that may have negative consequences on both asset division and finances in general.
One mistake that spouses may encounter when negotiating divorce terms is attempting to preserve the current way of life. A settlement agreement that only seeks to maintain a lifestyle may fall far short in the future. A sudden job loss or other unforeseen life change could result in a dire financial situation. Attempting to address future changes may work better than simply trying to preserve the status quo.
Individuals who are able to fully grasp their current financial situation and can gauge what their future needs may be can arrive at the negotiating table with a view toward what will be required as far as the property division. Keeping this in mind, many parents may struggle to refuse to indulge their children’s desires for any luxuries they enjoyed before the divorce. If these desires are indulged, it could result in sacrifices in future financial goals. Parents who are paying or receiving support for their children may benefit from keeping accurate records regarding all expenses in order to seek reimbursement on agreed-upon costs.
Those who have a thorough understanding of their finances both before and after a divorce may fare best going forward. Though the property division process may seem tedious and unending, having a solid settlement that addresses one’s future needs is worth the effort. Florida residents who are concerned about how their divorce will impact their life may seek the guidance of an experienced attorney who can help them reach an agreement that best meets their unique needs.