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Tips for divorce finance management

It can be tough to maintain your financial balance at the end of a marriage. Lots of changes are happening physically, financially and emotionally, and it is possible to get swept up and overwhelmed in the whirlwind of divorce. Luckily, many people have been through a divorce, and many others are trained to help a person through this trying time. Some of those in the know have gathered some tips to help a person keep their financial sanity during a tough breakup, which can be applied by individuals in Florida.

It can be helpful to consider both sides. While a person may not want to while tempers are high, actually keeping the best interests of both parties in mind will help the individual in the long run. A person should also try to limit his or her venting to those who are qualified to help, and to pause before spilling private information to too many other people. Since divorce can be somewhat complicated, a person will probably want to limit the amount of unsolicited advice to which they listen.

Next, a person can start to focus on his or her finances by taking inventory and creating a budget. He or she may also want to close joint accounts and begin to establish independent bank accounts and lines of credit. While a person keeps track of important financial records, he or she may also want to check in and update any beneficiaries and payable-on-death designations. Finally, a person will likely want to consider his or her health insurance needs and the financial needs of any children. 

Florida folks who are considering, or in the midst of, a divorce need not panic about beginning a new financial chapter. With careful planning and outside help, as well as taking it one day at a time, a person can emerge from a breakup reasonably unscathed. Some people choose to select an experienced family law attorney to help them mind many of the legal and financial details of the process. 

Source:, "20 Tips for Maintaining Financial Sanity During a Divorce", Josh Smith, May 16, 2018

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