Seven Tips For Making A Complete Financial Recovery After A Tampa Divorce
Going through a divorce in Tampa is difficult emotionally. While it is important to acknowledge your feelings and get emotional support, you also need to address financial concerns. Our Tampa divorce lawyer shares seven tips that can help you make a complete financial recovery.
- Protect your assets prior to filing for divorce.
If your marriage is in trouble and there is a chance you or your spouse may file for a divorce, take action now to protect yourself. Open an individual bank account and begin depositing any money you earn into it.
Also, make a thorough list of all property and assets you and your spouse possess. Include your home, cars, recreational vehicles or equipment, household belongings, collectibles, and other items of value. Add any money in bank accounts, investments, and shares in businesses. Under the Florida Statutes, you are entitled to a fair share of these.
- Settle outstanding debts.
Alongside an inventory of marital property and assets, include all marital debts, such as your mortgage, auto loans, credit cards, and personal loans. Pay outstanding amounts owed if you can, using joint marital funds. Anything left over can be addressed in divorce to avoid carrying old debts into your new life.
- Consider where you will live and whether to keep the marital home.
If you own a home, give careful consideration to whether you can afford payments and maintain it post-divorce. In some cases, such as if you have children, remaining in the home is the best option. In others, you may want to downsize or find something less expensive.
- Consider how you will support yourself.
Consider whether your current income is enough to support yourself on your own. If you make considerably less than your spouse or otherwise relied on them to provide financially, you may be entitled to spousal support payments in your divorce.
- Make a realistic budget.
Factor in the cost of housing, food, clothing, health care, recreation, and other needs. Do not downplay what you require. Be aware that, under state law, you are entitled to enjoy the same standard of living as you did during your marriage, even after your divorce.
- Factor in financial care for children.
If you have children from the marriage, make a thorough list of all their financial needs as well. Child time-sharing arrangements will be addressed as part of divorce proceedings in the Hillsborough County Family Court. Depending on these arrangements, you may be entitled to child support.
- Plan for the future.
Plans for your future may be closely tied in with your spouse. Be aware that you may be entitled to a portion of their pension benefits, 401(k), or other retirement plans they have in place, as well as their Social Security benefits.
Contact Our Tampa Divorce Lawyer Today
To help ensure your financial recovery after divorce, get Bubley & Bubley, P.A. on your side. Contact our Tampa divorce lawyer and request a consultation today.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
hillsclerk.com/court-services/family-law
blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/