Avoid unwanted financial shock after a divorce

On Behalf of | Apr 2, 2020 | Collaborative Family Law |

Women in Florida are often shocked after their divorce is final when they realize some of the financial realities that they face. Many times, they only learn of these difficulties once it is too late to do anything about them. Education and preparation are the keys to preventing financial surprises in a divorce.

One of the biggest shocks is the fact that a woman may be responsible for debt that her husband incurred during their marriage. If her name is on the account, she will be responsible, such as if she co-signed a loan that her spouse took out while they were married. Obligations as a co-signer continue after the divorce. Women may also overestimate the amount of spousal or child support that they will receive and end up surprised if it is not enough for them to support themselves without having to work.

Further, women may come to realize that they cannot remain in the family home or that it must be sold. Women are also surprised that they have to leave their husband’s health insurance and must purchase their own policy. Even if there is health insurance coverage through work, the premiums have likely gone up in price over the years and become very expensive.

Hiring a family law attorney is one way to at least become educated about the financial future so that there are no unwelcome surprises. The attorney may educate their client about certain realities of the divorce so they can be prepared to deal with them if they arise. In a best-case scenario, the attorney may help their client negotiate the divorce settlement in a way that provides them with some protection from these surprises and offers financial security for the future.