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Money truths to keep in mind during divorce

On Behalf of | Jan 3, 2023 | DIVORCE - Divorce |

Often, a major point of contention during a Florida divorce is money. How to divide your marital property and debt and what you each feel you are owed during this time can lead to heated arguments and stalemates in the negotiations. Each person’s stance is usually molded by long-standing values regarding money, and until you recognize these and how they are affecting your thinking, you might be at risk of making emotional decisions that can be harmful to your financial future.

Your long-held views are not always necessarily your best guide

During the divorce, you might want to attach yourself fully to your long-held views on money. However, you should first figure out where these come from and how they have affected all aspects of your life. For example, your views might be shaped by your parents’ own beliefs, but when you take an honest look at how these affected their lives and in turn yours, you might need to take a step away from these beliefs so that you can make more beneficial decisions.

Evaluate what you want out of life and how money can affect that

You want your views about money to align with what you want out of life. If these do not, you then need to think about what needs to change. When these two things are aligned, you will be in a better position to negotiate with your spouse when it comes to financial matters and to protect your own interests. You will need to negotiate on a variety of financial areas, including:

  • Your savings, investment, retirement and pension accounts
  • Life insurance policies
  • Real estate holdings such as the family home
  • Fine jewelry, furniture and other major assets

Being clear about what you want in the future can help you become a stronger, clear-headed negotiator. This can help you arrive at a settlement that supports these desires.