Fortifying Your Finances for an Orlando Divorce

Separating from your spouse is a significant life event that is likely impacting every aspect of your life, including your finances. While the emotional toll of a divorce is often top of mind, it is essential to take steps to fortify your finances during and after an Orlando divorce.

Discuss with an Orlando divorce lawyer. How making a plan to update your budget, insurance coverage, and debts now can secure your daily experience post divorce.

Updating Your Budget and Your Insurance Coverage

After a separation, you may begin to see your income and expenses differently. Maintaining your household budget and keeping notes on how much you need to live without financial stress can help you plan for your future and connect with the divorce terms you need, which could include spousal maintenance payments or a particular distribution of assets, for example.

Some steps which could help you to see your financial numbers in a clearer light:

• Review your income and expenses. Make a list of your current income and expenses, including any spousal support or child support payments you are receiving now and expect to receive in the future.
• Create a new budget. Based on your current income and expenses, create a new budget that reflects what your post-divorce financial situation will likely look like, some find it helpful to create a few different scenarios, so they can share with their attorneys why it is essential for them to access certain divorce terms.
• Plan for long-term expenses: Plan for long-term expenses, such as retirement savings, education expenses, and healthcare costs.

Going through a divorce is never easy, but taking steps to fortify your finances after a divorce can help you move forward with confidence.

Additionally, you will want to review your insurance coverage to ensure that you have adequate protection once your divorce is finalized. For instance, if you were previously covered under your spouse’s health insurance policy, you will need to find your own health insurance coverage, and you may also need to purchase or update your life insurance coverage to ensure your dependents are financially protected in the event of your passing.

Mortgage Payments, Credit Card Debts and Outstanding Loans

And your personal budget won’t be the only financial item impacted by divorce, ending a marriage can also impact debt loads. It is essential to understand what debts you could be responsible for and make a plan to pay them off. Depending on your situation, this could include making a list of all your debts and prioritizing the debts based on interest rates and payment due dates, for instance.

Going through a divorce is never easy, but taking steps to fortify your finances can help you secure the future you want. Talk to an Orlando divorce lawyer to have your specific situation assessed.

Could financial guidance help you as you move toward divorce? Connect with the seasoned family law attorneys at Donna Hung Law to learn more. To book a consultation, call 407-999-0099 or contact the office online.