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Finding financial security after a divorce

On Behalf of | Aug 23, 2022 | Divorce

A divorce will have a substantial strain on your finances as you may cede assets to your spouse in a final settlement. You may also need to pay legal fees and other costs associated with such a proceeding. However, there are steps that you can take to become financially independent and live a comfortable life after your marriage is officially dissolved by a Florida judge.

Review your budget

Ideally, you’ll review your finances before getting divorced so that you know what to ask for in a settlement. For instance, if you don’t have a job, you may be entitled to spousal support payments that help pay for a home, medical bills and other expenses. Creating a budget will help you determine how much your living expenses will be after your divorce is finalized. This will help you make decisions such as whether you want to keep the family home or opt for an apartment in your area.

You may need to re-enter the workforce

Living on your own after a divorce will be easier if you have a steady source of income. Even if you didn’t work while married, there is a good chance that you can find a local job while attending school. If you have a college degree, a company may excuse your experience gap and give more weight to your overall skill set.

Your age, income and ability to work will be among the variables that may influence the structure of a divorce settlement. You may be entitled to spousal support payments as well as a share of marital property in that settlement. Other concessions may be made if you have kids or need greater assistance establishing an adequate level of financial security.