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Looking ahead: long term planning after a divorce

Tampa residents who are contemplating or are in the middle of a divorce understand that no matter what advice friends or family may give - the complexities or timeline for each divorce varies from couple to couple. It can be a long, arduous and emotionally draining experience or it can be a fairly painless, quick agreement.

No two divorces are alike because there is such a large spectrum of assets and liabilities that people have and the emotions of divorce vary greatly from couple to couple. Many times, emotions are the fueling factor behind what dictates financial and assets division.

In some cases, individuals who consult a divorce attorney are often unprepared for the new stark financial projections of one residence becoming two. Two of the largest factors affecting those newly divorced couples are weakened housing markets and high unemployment rates. This is particularly difficult for middle-class couples whose largest asset is typically their house.

In rare cases, some couples may concede that they cannot afford a divorce in the short term, and stay together temporarily. While this may work for couples who remain friendly, it is certainly a different story for those couples who are not.

Some couples go through with the divorce, but agree to forgo selling the marital house until the housing market improves, and one partner will continue living in the house. While it goes without saying, all arrangements depend on the relationship with your ex-spouse.

Reevaluating retirement plans and 401(k) plans can also be an important area that may not be on the forefront of many divorcees minds. While it may seem far off, it is important to consider the changes that a divorce will have on your long term retirement plan. Many times, the most important thing to do after a divorce is to create a separate and individual financial identity.

It is easy for the overwhelming emotion and change to consume the short term. While it may be difficult to look ahead, planning for your long term stability can be one of the best investments you can make. Understanding your legal options as well as planning your future can help you overcome the difficulties that accompany divorce.

Source: Northwest Herald, "After the divorce: Thinking long term to keep finances afloat," Nov. 15, 2012

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Busciglio & Sheridan Law Group
3302 N. Tampa Street
Tampa, FL 33603

Phone: 813-302-1265
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