Fixing Your Finances After A Florida Divorce
If you have been involved in a Florida divorce
, your finances may have taken a hit. Not only are there costs associated with the divorce itself, but you will also likely be experiencing a drop in income as you go from having a spouse contributing to your household to living on your own. It is important to make sure that you take the right steps after a Florida divorce to get your finances on the right track so you can move on to a good financial future as a newly-divorced person.
Fixing Your Finances After a Florida Divorce
In a best-case scenario, you and your spouse will have resolved your divorce outside of court with the help of your
Florida divorce lawyer and your divorce expenses will have been minimal. If this is the case, then it is simply important to make good choices about your money in the future to keep your finances in good shape after a divorce. However, if you ran up a lot of divorce expenses, then the first part of fixing your finances after a divorce is to create a comprehensive plan to pay back those expenses. If you owe debt, for example, you may wish to pay more than the minimums due so that the debt doesnt follow you around for a long time and so you can avoid paying high interest. Another possible option if you have divorce-related debt is to refinance the debt into low-interest debt so that you can pay it over time and not lose a lot of money to interest payments.
In addition to taking care of any divorce debt, you should also make a new budget after your divorce has been finalized. You may be responsible for bills you were not previously required to pay, such as if your former spouse was covering your health insurance costs. Your income and living situation as well as your other costs have also likely changed now that you are single. You need to take account of what you are earning and what you are spending and make sure that your budget is balanced and that you are saving for your future.
Another important thing you should do in order to safeguard your financial future is to make sure that you have at least one credit card in your name after the divorce. Many people get joint credit only or they simply list themselves on their spouses account without applying for credit on their own. You need a history of your own good credit if you want to qualify for a mortgage, car loan and other types of debt and it is important to get started on building credit right away after a divorce if you have not already done so.
These are just a few of the possible steps that you should take after you have ended your marriage. Speak with a Florida divorce lawyer to learn more details about life after divorce and about what legal steps you can take in order to ensure that you are able to build your new life on a good foundation.
by: Jeff Miller
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