It can be an emotional roller coaster when you’re getting a divorce in Florida. Unfortunately, there are other consequences you’ll need to deal with in addition to this element when you’re in this position. Running a household independently without your spouse around to help can be challenging. Your financial situation is also likely to change after divorce.
Financial consequences of getting a divorce
On your wedding day, the last thing you expect is to get a divorce in the future. Yet, divorce occurs for several individuals yearly. Once it’s completed, it can quickly lead to financial consequences. Here are a few examples you may need to deal with after your split:
• Credit card expenses: If you’ve gotten used to using a credit card in your spouse’s name, it may be challenging financially to be quickly cut off from it. Creating a solid budget is advisable when you’re in this position to eliminate unnecessary spending
• Taxes: Failing to file and pay your taxes correctly can cause financial problems after getting a divorce. After dividing your assets, you’ll be solely responsible to pay the IRS.
• Attorney fees: Choosing the right attorney can be cost-effective, taking the pain out of paying legal fees. However, if you pay these expenses independently, it can still take a toll financially.
• Child care expenses: If you have children, dealing with child care expenses independently may surprise you. If you have to go to work to pay the bills, it will be challenging to care for young children. You’ll likely need to drop them off at daycare, which can gouge your pocketbook.
• Dividing retirement funds: Dealing with the sudden loss of half your retirement funds can also be jolting. You’ll likely need to replan this critical part of your life.
Preparing for the financial cost of getting divorced can be challenging. Doing what you can to make ends meet is essential.