Jacksonville Divorce Lawyer Blog
Even in a booming economy, couples on the verge of divorce might worry about how divorce will affect their finances. When the economy and the housing market are bad, as they have been in Florida lately, many couples may believe that they just can’t make it without two incomes, no matter how unhappy they are in their marriage.
This problem is only exacerbated for families who are upside down on their mortgages. The Florida housing market has been hit particularly hard in the last few years, making properties across the state undervalued compared to their mortgage notes. Investments and savings have been hit hard as well.
When it comes to divorce, Florida is an equitable distribution state, meaning that all marital assets are divided equitably between divorcing spouses. For many Florida couples, the only things that will end up being divided between them are their debt payments.
Financial dependence is not a good reason to stay in a loveless marriage. There are other options:
• Credit counseling can help couples or individuals set up a payment plan with a lower interest rate for consumer debt.
• Mortgage refinancing, if it is an option, can help lower both your debt obligation and your monthly payments.
• Short selling your home is another option for getting out from under an upside down home mortgage and starting with a clean slate.
• Bankruptcy, either chapter thirteen or chapter seven, may be an option that could save your home and clear your debt obligations.
If you are afraid to file for divorce simply for financial reasons, it may be best to discuss your options with a family law attorney. Get more tips and advice for handling your finances after divorce at SEEKING A DIVORCE AND FINANCIAL INDEPENDENCE IN A DOWN ECONOMY.
If you are considering filing for divorce, please contact our Jacksonville, Florida divorce law firm.