Becoming Financially Independent During & After Divorce
No divorce is the same as another—each one is unique based upon the relationship and the unique circumstances involved. Still, all divorces have at least one thing in common: the need to make intelligent financial decisions if you’re going through it. Below, we provide some guidance on how to ensure that you are “financially free” after divorce: Think Of Debt & Credit Scores While many people contemplating divorce are instinctively concerned about the division of assets, many do not realize that a court also divides financial responsibilities as well, such as debt. Most married couples share accounts, and it can be difficult to maintain your credit if your ex stops paying the bills on a shared account—even if you both agree to take responsibility for this or that credit card or bill. Remember if your name is on something, you are responsible for it—regardless of what the court documents indicate. For these reasons, it is crucial that you and your attorney separate all joint debt during the divorce process. For example, if you and your ex shared a credit card during marriage and there is $5,000 debt on that card, $2,500 would be transferred to a card in your name, and $2,500 transferred to a card into their name. While closing accounts can impact your credit score, what is most important is that you fully separate your financial account so that you are not left vulnerable to your ex’s charges in the future. Reevaluate Monthly Expenses This is also a crucial time to reevaluate your monthly expenses and decide which ones are most important, and what you can and cannot do without, as there will most likely be new expenses as a result of the divorce, such as rent or a new mortgage (or all of an existing mortgage), a new health insurance policy, child support, spousal support, etc. This is also a time when you want to avoid any big-ticket purchases, such as trips, cars, property, etc. Getting used to your new life and new budget is a crucial step. Build Up Your Emergency Fund When you’re first going through divorce, it can sometimes be difficult to add to or start a savings fund. As soon as you can, however, fill your existing emergency fund up, or start a new one. A starter emergency fund usually has at least $1,000 in it, however, eventually, it is ideal to have three to six months’ worth of expenses in it. It can be a huge stress reliever just knowing that you have some money set aside for a rainy day. Work With the Right Attorney You and your attorney are a team when it comes to planning and ensuring that you are financially stable during and after your divorce, so ensure that you work with the best divorce lawyer possible. If you live in Orlando, Sarasota, Tampa, or a surrounding area, contact our Florida divorce attorneys at HD Law Partners today to find out how we can help you. Resource Tags: Florida Divorce and Family Attorney, Florida Divorce and Family Attorneys, Florida Divorce Attorney Posted in Alimony, Divorce, Property Distribution | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us