Throughout your marriage, you and your ex probably mixed your assets and budgeted together. These are sound marital practices, but divorce can put you in a position that necessitates an in-depth review of the income, expenses, and assets which you and your ex brought to the marriage table and forces you to make important decisions with lasting implications. Unfortunately, people often underestimate just how complicated these issues can be and how important it is to make the correct choices. The best plan of action is to make sure that you’re informed, take your time, and be practical rather than being swayed by your emotions. After all, your future is in the balance when getting your divorce finances all in a line. Top family divorce lawyer Arturo R.Alfonso has made a list of the most common financial mistakes people make when divorcing. Read on to learn more about how you can avoid these common pitfalls. If you’re looking for divorce lawyers in Miami free consultation services, call Arturo R. Alfonso, P.A. today!
Common Divorce Finance Mistakes
There are certain common divorce finance mistakes that it’s important to keep in mind throughout the process:
- Not knowing your marital finances- The first step towards getting a fair financial outcome in your divorce is figuring out where you and your ex-spouse really stand. This means that there needs to be a careful review of all income and expenses. It’s essential to assess all sources of income that your ex and you make, which takes into account everything from your salary to investments and benefit plans, so that you know exactly what your divorce finances are. If your former spouse managed the budget and you were not involved, then you need to equip yourself with knowledge and request access to all reports and statements.
- Underestimating your personal monthly spending- You will have to know what you spend personally every month and what your cost of living will be once you are separated. Be careful and make sure that you have estimated your personal monthly spending correctly. Your budget should be reasonable and in line with your current standard of living, but make sure to include future inflation, future costs, and consider insurance. Your budget is the baseline for calculating alimony, and it is essential to get this calculation correct since if you don’t accurately budget, you could underestimate your future needs and not be able to maintain your quality of life.
Advice From A Family Divorce Lawyer
- Not putting aside cash in a separate account to sustain yourself through the divorce process- Another tip that you may hear from divorce lawyers in Miami free consultation services is that you could end up in a state of financial uncertainty for months throughout the date of separation and the time it takes to settle a divorce. It’s important to put money away now so that you can provide for yourself throughout the divorce process and have a rainy-day fund as a safety net against the worst case scenario with your divorce finances.
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Arturo R. Alfonso, P.A. is a top family divorce lawyer in the Miami area. If you’re looking for divorce lawyers in Miami free consultation services, call Arturo R. Alfonso, P.A. today!