The last thing that Florida residents want is to add more problems to their divorce process. Unfortunately, since the state’s divorce courts divide debt in a similar manner to assets, financial stress is sometimes unavoidable. While no debt relief strategy is perfect, there are ways to minimize the impact of post-divorce debt.
Time magazine published a useful list of ways to manage debt after an unfavorable divorce agreement. One important point to consider is that divorce is a period of immense change. That change typically affects every aspect of a person’s life, including their lifestyle. While some view this as an opportunity to embrace a fun single life, it is often more financially beneficial to think realistically about creating a new sustainable standard of living.
Under certain circumstances, the judge’s original decision may not be the best one under changed circumstances. According to the FindLaw resource on Florida divorce, courts have a large amount of leeway in the decision-making process. They make their choices based on several factors, including:
- Health or medical conditions
- Financial health and earning potential
- Fault leading to the divorce
If these conditions change, then there may be some legal options available to modify divorce agreements. An unfavorable post-divorce situation might also qualify an individual for formal debt relief options.
Bankruptcy is sometimes an option for managing debt as well, although whether or not bankruptcy is available depends heavily on the type of debt. For example, business liabilities are generally not eligible for Chapter 7 bankruptcy. For recently single people struggling with finances, choosing the right debt relief and management strategy is often one of the best ways to minimize stress after a divorce.