Managing Financial Issues After Divorce

The good news is that today, more women than ever before are considered the primary breadwinners of their households — outpacing their husbands when it comes to how much they earn and contribute to their families. The bad news is that this fact is not necessarily leading to women feeling more comfortable with potentially having to live independently when a divorce appears imminent. 

According to a recent Huffington Post article by respected financial advisor Michael Most, the following are some key issues to consider when facing these challenges:

• Expenses and liabilities: One of the first steps you should take before your divorce is to figure out how your daily, weekly and monthly expenses will increase, along with any debt you might need to take on. You should also come up with a strategy for how you will divide these expenses and liabilities between the two of you once the divorce is complete.
• Assets: Most advises individuals going through a divorce to get a proper accounting of all assets the couple shares, as well as any assets each partner owns separately. If your name does not appear on an account you and your spouse share, your attorney can request information on the assets contained within.
• Income: It is also important for individuals to know how much income the other spouse makes, especially when it comes to child support and spousal support issues.
• Insurance: If you’re about to get a divorce, Most recommends knowing any insurance policy you and your spouse had together, along with whose names are on each policy as beneficiaries.

If you would like further guidance on various divorce legal issues, including the property and asset division process, meet with a dedicated Jacksonville family law attorney right away.

Attorney Andrea Jevic contributed to this blog post.