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Avoiding a financial crisis while going through divorce

While divorce is rarely a happy occasion, the financial hardship that comes with it is often the worst aspect of the whole ordeal. In fact, many who go through a divorce end up in a financial crisis. For those who are considering a divorce in Florida, there are ways to ensure that the process doesn't break the bank.

Many times, the divorce turns into an all-out war because each party fails to adequately predict how much he or she will have to pay out throughout the proceedings. For instance, while the husband may feel that he is being very generous to his soon-to-be ex-wife, she may feel that he is being selfish and greedy. The same can be true of the wife and her soon-to-be ex-husband. All too often, both parties end up paying out far more than they anticipated.

One thing that is important to consider is how much each spouse makes and is expected to make in the future. If the husband makes five times the amount that the wife does, it stands to reason that a 50/50 split of costs would be unwise. One should also take into account whether or not one spouse paid into the other's career. If the husband paid for the wife to get through medical school, for example, he may decide to ask for more as compensation.

Other things to consider when trying to balance the cost of divorce is child custody, child support, and insurance for the kids. In some instances, the mother may retain sole custody, expecting the father to pay child support. In other cases, the father may have custody of the kids, and the mother may pay support. Some couples may split custody down the middle with neither parent paying support.

There are a few other financial factors that those who are going through a divorce may wish to keep in mind. In Florida, and other states, an experienced family lawyer can guide their client on which financial decisions are relevant to his or her case. Each case is different, and a knowledgeable family law attorney can explore those differences and help the client to decide the best way to get through his or her divorce with finances intact.

Source: Forbes, "How To Keep A Divorce From Wrecking Your Finances", Laurence Kotlikoff, May 31, 2017