In Florida, spouses going through a divorce often make unforced errors that can harm their post-divorce life. Specifically, they tend to make personal finance mistakes from either overlooking something or focusing on the wrong priorities. Spouses need to focus on a broad number of things beyond just the big picture issues in a divorce.
Many spouses want above all else to stay in their homes. Of course, one spouse must move out, but both may try to retain the marital home at all costs. Sometimes, this is economically ruinous because a single party simply cannot afford the monthly payment. There are times where there is no other choice but to sell the home. Another error is to fail to anticipate that there may be tax payments due to the government when assets must be sold. This can result in capital gains taxes, and some spouses only realize this once they have a bill in April.
Another personal finance mistake is not budgeting for the new financial situation. Divorce will result in different finances because the same two salaries must now pay for two different homes. However, many people still condition themselves to their old reality and do not budget for their new finances. This can result in them falling behind financially and going into debt.
A divorce attorney could help a client plan for life after ending the marriage. If necessary, legal counsel may negotiate the divorce agreement to help account for lost income. Spouses are often pre-occupied during a divorce, but an attorney might be able to keep them focused on details that they may be overlooking.
