What are the financial assets of divorce?

On Behalf of | Nov 7, 2020 | Divorce |

When you file for divorce in Florida, you might be worried about the impact that the divorce will have on your finances. But getting divorced isn’t always bad news. In fact, filing for divorce and going your separate ways can have a positive impact on your investments and bank account.

What are the financial benefits of divorce?

If your former spouse wasn’t careful with their money, one of the obvious benefits of divorce is that you can start saving money again. You can stick to a budget and build up your savings without worrying about your spouse throwing away money on frivolous purchases. You’ll finally have complete control over your finances.

Additionally, your child might be eligible for increased financial aid when they go to college. Since you’ll probably be making less money as a single parent, your child can report a lower amount on their FAFSA. This might make them eligible for more scholarships and grants.

Filing for divorce can also require you to downsize. This might sound negative, but it can actually improve your cash flow and make it easier for you to meet your financial goals. Instead of paying for two people, you’ll only have to worry about one set of bills.

How may an attorney help you file for divorce?

If you’re trying to save money, you might be hesitant to hire an attorney. However, an attorney might help you save a lot of time and money in the long run. An attorney may help evaluate your assets, divide your properties and get the divorce finalized as soon as possible. If you’re filing for an uncontested divorce, the attorney may help you submit your documents, divide up your assets and move on with your life.