Divorce takes an emotional and financial toll, affecting your lifestyle in every aspect. However, if you’re seeking a divorce, you simply cannot afford to stay in a relationship that no longer works. Many desire a way out of their marriage but are concerned about the financial implications of getting divorced and living a single life. Below, our divorce lawyer in Lake County answers your questions about how divorce affects your finances and the costs of getting divorced.
What Is The Cheapest And Fastest Way To Get Divorced?
If you’ve asked this question before, you may be desperate to change your living situation but are worried about whether you can afford to get divorced and live on your own. How fast it takes to get a divorce depends on your individual circumstances. However, the type of divorce you file will determine the cost and timeframe. In Florida, uncontested divorces are the cheapest and least expensive way to file for divorce. However, few couples meet the requirements to file for an uncontested divorce. To qualify, you and your ex must agree on all elements of the divorce decree before filing, including spousal support, asset division, and debt repayment. You also must not have any children living with you. If you qualify for an uncontested divorce, you avoid formal court proceedings and can typically close your case within three to six months. This is much shorter than contested divorces (which are more common), which can take several months up to a year (or longer) to finalize.
Do You And Your Spouse Need To Pay Bills Until The Divorce Is Finalized?
Yes. It’s expected that you and your spouse maintain your financial commitments while the divorce is in process/ You should pay your monthly expenses and bills as you would if you were married until the divorce is finalized. However, since divorce can take several months to finalize, you may want to develop a temporary payment plan with your spouse to share responsibility to ensure all your bills are paid for while the divorce is finalized.
Can you get spousal or child support before the divorce is finalized?
The final determination for child and spousal support is issued in the final divorce decree. However, a judge may order temporary child and spousal support to help you and your children maintain your lifestyle while the divorce is finalized. It’s important to note that this temporary payment may be different from the final payment you will receive after the divorce is finalized.
Who Loses More Financially In A Divorce?
In a divorce, there are rarely winners. Florida law is clear that both spouses have an equal right to their share of marital assets and visitation time with their children unless this arrangement is detrimental to the children involved. Asset division aims to ensure each person receives an equitable and fair share of the marital assets, not just divide the assets in half. When determining child support, the higher-earning spouse often pays the lesser-earning spouse so the children can maintain a similar lifestyle. This provides an equal framework for you and your ex to start your journey as co-parents or single people, each taking and contributing.
How Is Debt Handled In Divorce?
All marital assets are divided equally and fairly in Florida divorces. A marital asset is anything purchased or gained value during the marriage. This includes debt. The circumstances of the debt are also considered. For example, if one spouse misused funds and maxed out credit cards for frivolous reasons, they may be ordered to make a larger payment toward the debt. Whether you or your spouse had debt when you got married, any debt that accumulated during the marriage is considered a marital asset. Your Lake County divorce attorney will walk you through this process to ensure you can make payments and create a reasonable plan for you and your ex to pay down the debt you’re responsible for post-divorce.
Is My Spouse Entitled To My Retirement Account In A Divorce?
Marital assets are divided using equitable distribution when going through a divorce. Your retirement account would be considered a marital asset if it gained value or you contributed to it during the marriage. If so, your spouse is entitled to receive part of the account’s total value during the marriage.
Do Spouses Automatically Get Half Of Everything?
No. All your possessions aren’t split 50/50 when filing for divorce in Florida. Instead, your marital assets are evenly divided between you and your ex fairly and reasonably. For example, if your spouse requests to receive a large asset like the family home or vehicle, you will be given a larger portion of other marital property to compensate. The goal is to acknowledge each spouse’s contributions to the marriage and help you transition from married to single life.
Do You Need a Lawyer to Get Divorced in Florida?
While hiring a Lake County divorce attorney isn’t mandatory, it’s highly recommended. Divorce is a complex and emotional process that is difficult to pursue on your own. When you hire a lawyer to represent you in your divorce case, you have someone advocating for you when things don’t go as planned. Even if you think you and your spouse agree on the divorce terms, things often change when signing the paperwork. Ensure you’re covered for the expected and unexpected elements of divorce by hiring a Lake County divorce attorney.
Remsen Family Law Firm: Lake County Divorce Lawyers
If you’re looking for a way out of your current marriage, you’re not alone. Have an experienced Lake County divorce attorney on your side to fight for your rights and ensure a positive outcome for you and your family. Our team at Remsen Family Law Firm is here to help you through this challenging process so you can transition from married to single life. Call our office or schedule an online consultation to get started.
