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February 16, 2022.
posted in Divorce

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

There are many different aspects of financial wellbeing to consider during a divorce. From assets to taxes, almost all aspects of monetary life are impacted by the divorce of two people in a marriage. While some people are in a good position, able to provide for their family, others are left struggling after making poor financial decisions before, during, and after the divorce finalization.

One of the most important steps of a divorce case, however, is choosing the right attorney to take with you into a divorce. At The Law Office of Gustavo E. Frances, P.A, we utilize only the best Fort Lauderdale family law attorneys to ensure that our clients leave their divorce cases satisfied. Reach out to us today to learn more about the financial implications of a divorce after a failed marriage.

Figure Out What to Do With Your Home

Your house may be the very first thing that you consider. In the US, it is oftentimes the biggest asset that a couple owns. Many financial planners recommend selling the home and splitting the money equally during the divorce case. In this case, both risk and costs associated with putting a home on the market are shared equally between the two spouses.

On the flip side, many people may make poor decisions when it comes to keeping or selling a home. If you or your spouse desires to keep the home, you must be willing to take on the taxes, maintenance, and utilities associated with the house without the support of another individual and their income. This is oftentimes even more important to remember when considering your children and their quality of life. Furthermore, it is recommended to consider potential devaluations in the home as time passes.

Accurately Document Your Assets

Another critical step in a divorce case is the creation of an inventory of assets or valuable property. These lists should be comprehensive and include all forms of valuable assets including vehicles, family businesses, furniture, and more. This will be critical as both spouses will attempt to leave the settlement with as much money and as many assets as possible. Remember that it is not uncommon for some individuals to try hiding assets so they are not divided equally between themselves and their partner.

It is worth noting that other, less physical, assets may also need to be divided such as retirement accounts and stock options. Attorneys and other experts may be able to help you value these types of assets as they can often present challenges to those dealing with a divorce.

Consider Changes to Taxes after a Divorce in Florida

Taxes are a tricky area of divorce law as you may experience higher taxes when it comes to certain payments such as child support and alimony. There will also be taxes on divided assets which may inherently be unfair. Talking through this with financial experts may be beneficial to an individual seeking divorce, in addition to an attorney to learn more about their experience with divorced individuals in the past.

Gustavo Frances: Your Go-To Divorce Firm in Ft. Lauderdale

In the world we live in, a divorce attorney is absolutely critical for ensuring a divorce case that is thorough, fair, and leaves you in the best possible position that you can be in. You can reach a Ft. Lauderdale divorce attorney at The Law Office of Gustavo E. Frances, P.A at 954-533-2756 during office hours, or 954-297-6546 and evenings, holidays, and weekends. We are available 24 hours a day, seven days a week to handle all of your family lawn needs.

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