Each year thousands of married couples in Florida arrive at the decision to get a divorce. For some, the decision has been looming for years or even decades. For others, one act or argument leads to the decision. While the decision of whether or not to get a divorce is always an emotional one, our readers should not overlook the financial implications of a divorce.
A recent news article covered several financial considerations for divorcing couples. The first pointed to the largest and most valuable asset for many married couples: the family home. The recent article pointed out that it may not be the best decision for one or the other of the divorcing spouses to keep the home if it is too expensive to do so. Many divorcing couples pool their financial resources to pay for mortgage payments and other housing expenses. Those expenses may be too much for one person.
The article also pointed out that, once the divorce is finalized, the now ex-spouses need to direct their attention to important matters like budgeting and estate planning. A single person’s budget is going to be much different than the budget of a married couple, especially a couple with children. Likewise, estate plans will likely need to be changed and updated to reflect the fact that the married couple probably no longer want the other ex-spouse to be their primary beneficiary.
Getting a divorce is an emotional process. Florida residents who are able to focus on the legal and financial implications of the process, including for the long-term, may be better able to navigate this trying time in life.