Blog

The Financial Realities of an Orlando, Florida Divorce

Here are the financial realities of an Orlando, Florida area dissolution of marriage. Both the Husband and the Wife will have less monies to live on and to pay expenses. This is because before the divorce you had two income. After the divorce, you each have one income. Unfortunately, that is the harsh financial reality of a divorce. You want to make sure you will be able to pay your bills and survive financially after you divorce.

To help alleviate your financial concerns, there are things you can do financially to prepare for divorce.

What can you do to prepare yourself to be financially independent after your divorce? Here are s few things you can do to help yourself:

1. Run a credit check on yourself. Make sure you know if you are on joint credit cards or a co-signer or a card.
2. Make sure you see the last three years of you and your spouse’s tax returns; including all trust and business taxes if applicable.
3. Contact a CPA and speak with him/her.
4. Contact a financial planner and speak with him/her regarding a budget and long-term financial planning.
5. Speak to an attorney and see if you have an argument to receive alimony. Try to get a ballpark figure of what you can anticipate the amount of the alimony that will be paid to you. You also want to get an estimate of how long alimony will be paid to you. Remember, at 65 years of age, your spouse is allowed to retire. That is unless you will be left indigent. Therefore, you must plan for a termination or reduction in alimony when your spouse turns 65 years of age.
6. If you have children, get an estimate of the child support you will receive from your spouse.
7. Remember, your spouse is only legally responsible for a child until the child turns 18 or is in high school with the reasonable expectation of graduation prior to 19 years of age. That is unless the child is a special needs child where you can extend child uplift beyond 18’years of age. You need to do that prior to the child turning 18.
8. Make sure you know what the equity in your marital residence is currently. You need to figure out if you can afford to maintain the house after the divorce. Otherwise, it may be best to sell the house and receive an equitable share of the profits from the house.

Florida Statutes:  61.075 explains equitable distribution in Florida; and 61.08 explains alimony.

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation.

This article is for informational purposes only, and it does not form an attorney-client privilege.