To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us in person, via telephone or through video conferencing. Please call our office to discuss your options.

How to recover financially after divorce

Divorce can be a trying time, but it can also be the start of a new beginning, both emotionally and financially. To prepare for life after being a couple, divorcees in Florida have a number of things to consider as they embark on a new stage of their lives. After all, they may have less income to live on, and more financial obligations. Because of that, planning is essential. This post will explore several important elements.

Create a post-divorce budget - It is important to know what's coming in and going out...even if it does not include income from child support or spousal maintenance. Remember, spousal maintenance may not be awarded on a permanent basis, and child support may be sporadic depending on the obligor's employment.

Get out of debt - A conservative budget may help in eliminating pre-divorce debt, but sometimes more aggressive methods may be needed. Divorcees may have to consider bankruptcy to eliminate some debt (especially debt associated with assets no longer in their possession). Even if bankruptcy is not an option, taking time to create new credit accounts (independent of an ex-spouse) can be helpful in re-establishing credit.

Modify insurance declarations - Once a divorce is completed, changing beneficiaries on one's insurance policy and estate plans is important. There's no sense in having an ex-spouse benefiting from your demise. However, if a minor child is listed as a potential beneficiary, an adult must be appointed to make decisions on their behalf.

Consult a financial advisor - Every divorce is different, meaning each party's financial situation presents its own unique challenges. As such, an experienced financial advisor can chart a plan to help get back to prosperity.

Source:, Starting your financial life over after divorce, March 22, 2013

No Comments

Leave a comment
Comment Information

Request Your Free Telephone Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.


North Office
950 S. Winter Park Dr
Suite 290
Casselberry, FL 32707

Toll Free: 888-681-4389
Casselberry Law Office Map

South Office
14115 Town Loop Blvd #300
Orlando, FL 32837

Toll Free: 888-681-4389
Orlando Law Office Map

At Korshak & Associates, P.A. we love feedback from our clients. Please take a moment and tell us how we’re doing!

Review Us