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February 17, 2021.
posted in Divorce

On behalf of The Law Office of Gustavo E. Frances, P.A.

Choosing to dive into marriage is brave and commendable. For better or worse is something couples should take seriously. Yet, couples should also know the difference between fighting harder and learning when to let go. Our Fort Lauderdale divorce attorney at The Law Office of Gustavo E. Frances, P.A., understand divorce is never an easy answer, but sometimes it is the right one. We are here to help you navigate this challenging terrain to get you on the other side of this hardship. 

The Financial Side of Divorce 

Like every marriage, divorce is just as unique. Each couple brings their own set of assets, debts, and other finances. It is typical for a couple to share everything from credit cards to real estate in a marriage. Each item has a monetized value and must be sorted between the couple. 

In Florida, the courts exercise “equitable distribution” amongst the divorced couple. Equitable distribution is different from equal distribution. Equitable does not mean the assets will be split equally. It means that the court will do its best to ensure that the assets are distributed fairly. However, fairly is a subjective concept. Also, whatever credit cards or debts you and your soon-to-be-ex have accrued are still subject to both of you paying accordingly. 

How Divorce Affects Your Credit 

Our divorce attorneys at The Law Office of Gustavo E. Frances, P.A. are aware of the financial strains of a divorce.  We are here to ensure that you are not ending up with a burdened end of the stick. As your attorney, we will advocate fiercely to ensure that your lifestyle is only emotionally disrupted. Financial disruption is inevitable. We are here to give you some free advice.  

The best way to avoid bad credit is to keep a record of payments and keep paying the minimum monthly payments. It is easy to ignore a credit card because your soon-to-be-ex typically used it. However, if your name is still on the card, you could be held liable for the debt until the court says otherwise. If late payments or missed payments occur during the divorce, a creditor can add the late or missing payment to your credit score. Payments on any asset are important to maintaining throughout the divorce proceeding as well. As long as you are keeping up with payments on your end, your credit will not suffer as much. 

Making Decisions with Your Attorney 

We are here to help you carry the weight of these difficult financial decisions. Should you keep the house? Keep the boat? Should you sell some stock? We are here to help you navigate through your divorce. 

Don’t let your credit suffer. We can help you make better decisions. Legal and financial matters are all intertwined. With our help, you will get the results you want and need. You can contact us for a free consultation of your case by clicking here or calling 954-533-2756.

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