Not every marriage is a happy one, and some couples in Cape Coral will decide that they are best off getting a divorce. It is important, though, that they do not rush the process. The following are some financial mistakes that those seeking a divorce will want to avoid making.
The family home may be one of the most valuable assets couples own, and both spouses may feel a deep emotional attachment to it. However, if a spouse wants to keep the family home, they will need to make sure they can afford it on a single income. Some costs to keep in mind include the mortgage, homeowner’s insurance, property taxes and maintenance costs. When it comes to property division in a divorce, sometimes selling the family home and splitting the proceeds is preferable to keeping the home.
That being said, if a couple decides to sell the family home, there are tax consequences they will want to consider. The same is true with regards to the division of certain assets such as retirement plans. Splitting the proceeds that come with selling the family home or a retirement account may trigger the capital gain tax, depending on the value of the asset.
Divorcing couples transitioning from a two-income household to now living on a single income will want to keep that income change in mind with regards to many divorce legal issues, including property division, and possibly spousal support and child support. Developing a budget that addresses these costs is important post-divorce.
In the end, it is important that Florida couples going through a divorce have a clear picture of what their financial situation will be once they part ways with their ex. With the right information, couples can make decisions that are in their best interests. Family law attorneys understand these issues and may be a useful resource.
