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Build your financial stability after divorce (PART 1)

When a Florida resident decides to file for divorce, it's not uncommon for them to get hung up on the present moment and all the emotions that come with it. But as anyone who has already been through divorce can tell you, it's important to concentrate on what your future will bring. After all, for many people, a brighter future is the exact reason they decided to file for divorce in the first place.

Finances are going to be a large part of the consideration one has to make post divorce. It may be wise to sit down with your divorce lawyer and a financial planner to map out your financial future in terms of various topics such as income taxes, estate planning and investments.

For example, an individual may come out with a lump sum of money after divorce and may need to consider investing. This consideration will highly depend of the person's specific circumstances (age, whether children are involved, income, etc).

It will also be important to set up a budget. As tedious as this may sound, it is a crucial step when it comes to putting your financial life on track. For some individuals, financial planning may be something they have done all of their lives, but for many individuals, it may be the first time they have really had to sit down and make a budget.

In our next post we will continue discussing the crucial financial steps one should consider taking after divorce.

Source: Forbes, "Finances For The Newly Divorced Made Easy," Neal Frankle, Sept. 15, 2014

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