Confusion over marital assets, debts can cause divorce issues

On Behalf of | Jul 18, 2018 | high asset divorce

It is not uncommon for husbands and wives to share the duties of running their households. While one partner may focus their efforts on caring for their children, maintaining their home and meeting their social and familial commitments, the other may prioritize earning money and ensuring that their family has a strong economic base on which to grow. In traditional Florida households, women may tend toward the more domestic roles of familial support, while men generally focus their attentions on the financial health of their relationships.

It is because of this traditional approach to living that women can often be surprised by money matters when they find themselves in the middle of a divorce. Although gender roles are shifting, women are still more dominant in the home-based roles of supporting their families in non-monetary ways. In fact, there are several financial topics over which women may be shocked to learn the truth of their actual economic pictures.

For example, some women may not actually know how much debt they share with their partners. They may know that they have a mortgage and car payments, student loans and credit card debts, but, when it comes to actually knowing the number that represents their total debts, they may be in the dark.

Partners who do not control the finances of their families may be unsure of how much child support their kids will receive when their divorces are finalized, as well as how much spousal support they will be entitled to from their exes. Even if they are aware of how support is calculated, they may not know how long they will receive support and when it will end.

This post introduces only some of the financial bombshells that individuals may encounter when they go through a divorce. Though women are often the ones who experience these revelations during their divorces, men are equally as likely to have these shocks if they are the ones who defer financial matters to their partners. To prepare for a divorce, a Florida resident may wish to discuss their concerns with a family law attorney who can advise them of the financial issues they will have to encounter.