One of the Best Divorce Lawyers in Tampa, Florida
There are a number of ways that filing for divorce may affect your finances. The two most obvious ways that divorce affects the finances of those involved are the legal costs of divorce and the practical costs of divorce. The legal costs associated with divorce are temporary. They include filing fees and legal fees associated with retaining a lawyer to represent you as you work to obtain a fair divorce settlement. The practical costs of divorce are those that are tied to the reality of transforming a single household into two independent households. An experienced Tampa, FL divorce lawyer can help you to mitigate the “hit” that both the legal and practical costs of divorce may take on your personal financial situation.
Divorce and Personal Finances – The Basics
It is important to understand from the start that during the divorce process, marital property must generally be divided equitably. Practically speaking, this means that any income, property and assets acquired during the marriage (with a few notable exceptions) must generally be divided equitably between you and your spouse before your divorce settlement can be finalized.
This is not to say that every piece of property that you own must be somehow split in half. The process of equitable division of assets and property generally entails having the sum total of your marital property evaluated and then attempting to fairly divide assets and property so that each spouse retains half the value of all marital property. For example, if a couple has $500,000 worth of marital property and assets, one spouse may choose to keep the marital home and the couple’s savings, which together have a total value of $250,000. Meanwhile, the other spouse may choose to retain the couple’s retirement accounts, vacation property and a valuable collection of vintage bicycles which have a total combined value of $250,000. It is precisely because evenly dividing marital property can be such a complex business that it is important to consult with one of the best divorce lawyers in Tampa, FL before making any assumptions about the property you intend to keep in the divorce.
Legal Guidance Is Available
If you have questions about the divorce process generally and/or the impact that divorce may have on your finances specifically, please consider scheduling a consultation with one of the best divorce lawyers in Tampa, FL at your earliest convenience. Worrying about your finances is normal during a major life transition and is even more understandable when it comes to divorce. Transitioning a single household into two independent households is a notoriously expensive process. However, there are ways to keep your practical and legal divorce costs low. One of the best divorce lawyers in Tampa, FL can help you to clarify your situation and to make informed choices about your finances. Then, you can work together to construct a solid legal strategy moving forward.
The legal team at The Mckinney Law Group looks forward to speaking with you.
Our firm has extensive experience assisting clients with divorces that are financially straightforward, financially complex and virtually every variation possible in between. We would be happy to share our professional guidance with you and to provide you with necessary support as you navigate this life transition. Please don’t hesitate; schedule a consultation today. We look forward to speaking with you.