Post-Divorce Finances Can Be Surprisingly Stifled
It should be a matter of simple math: When you divide something in half, the total amount stays the same. To use a visual metaphor, when you cut a pie in half, the total amount of the food is still there — it’s just now in two smaller, equally sized pieces. It would make sense, then, to assume the same thing when you divide assets in a divorce. The overall assets are the same as before the divorce, except they are held individually by two people — each with a piece of the pie — rather than a married couple.
The division of assets in a divorce is not as easy as cutting a pie in half, of course. But other factors can lead to people coming out considerably worse off after a divorce, particularly if they don’t have an experienced Florida divorce attorney on their side throughout the process.
Marriage is often a boon to a couple’s finances. Major purchases can be shared, and responsibilities can be divided, allowing each member of the couple to be more productive with their time. Depending on the couple, the financial benefit varies, but according to some studies, married people are able to build wealth at a rate several times higher than their single counterparts.
In a divorce, though, that work is undone — and then some. In fact, for people who anticipate a divorce in their future, wealth actually declines leading up to the actual divorce. Ultimately, for many people, the post-divorce financial picture may be considerably bleaker than expected.
Getting divorced is a big change in a person’s life, and many people fail to view their financial situation as a substantial part of that change. The last thing you want is to inhibit your life in the wake of a divorce by being financially hamstrung. Work with an attorney who can help you address all aspects of this major life realignment.
Latest posts by John Schutz (see all)
- Who Gets The Tax Breaks Following Divorce? - February 5, 2018
- Can My Wife Keep My Last Name? - January 25, 2018
- What Happens When A Custodial Parent Wants To Move? - January 19, 2018