Divorce isn’t just a legal matter—it’s a financial one. While the emotional side of ending a marriage often takes center stage, the financial consequences of divorce can be long-lasting and, in many cases, life-altering. From determining how to divide property to budgeting for life after divorce, proper financial planning is essential at every stage of the process.
Whether you’re just beginning to think about divorce, in the middle of litigation, or adjusting to post-divorce life, financial clarity can help you protect your interests, reduce conflict, and build a foundation for a more stable future. Partnering with a Tampa divorce lawyer who understands not only family law but also the financial nuances of divorce is one of the smartest moves you can make.
This post walks through financial planning before, during, and after divorce for individuals in the Tampa area. While each situation is unique, the principles outlined below can help you approach your divorce with a clearer mind and a stronger strategy.
Before Divorce: Laying the Groundwork
The decisions made before divorce proceedings begin often set the tone for the entire case. If you’re contemplating divorce or believe your spouse may file, the time to prepare financially is now.
1. Take Inventory of Assets and Debts
Start by gathering complete and accurate financial records. This includes:
- Tax returns (at least the past 3 years)
- Bank account statements
- Retirement account balances
- Pension statements
- Credit card and loan balances
- Investment accounts
- Real estate deeds and mortgage documents
- Business ownership records (if applicable)
- Insurance policies (life, health, home, auto)
- Vehicle titles
- Wills and trusts
A Tampa divorce lawyer will use this information to identify marital vs. non-marital assets, assess financial risk, and begin shaping a strategy for equitable distribution.
2. Know Your Numbers
Many spouses, particularly those who did not manage the household finances, have only a vague understanding of the couple’s income, expenses, and liabilities. Begin tracking:
- Monthly income (yours and your spouse’s)
- Fixed monthly expenses (mortgage, utilities, car payments)
- Variable expenses (groceries, medical, childcare)
- Any cash transactions or unrecorded income
This data will become essential in discussions of alimony, child support, and post-divorce budgeting.
3. Open Individual Accounts
If you do not already have your own bank account and credit card, open them now. Do not drain joint accounts, but begin separating finances in a respectful and transparent way. It is also wise to change passwords on any personal financial accounts and secure access to electronic records.
A Tampa divorce lawyer can advise on when and how to legally separate finances, especially if litigation is likely.
4. Plan for Legal and Professional Costs
Divorce is a major life transition, and it often requires help from more than just a lawyer. Consider budgeting for:
- Legal fees
- Mediation or court costs
- Forensic accountants
- Vocational experts (for earning capacity evaluation)
- Financial advisors or certified divorce financial analysts (CDFA)
- Therapists or counselors
Planning for these expenses in advance can reduce surprises and keep the process from stalling later.
During Divorce: Strategic Financial Decisions
Once a divorce has been filed, you’ll move into a more structured phase of financial planning. This is when key decisions about property, support, and children are made—many of which have lasting consequences.
1. Understand Florida’s Equitable Distribution System
Florida uses an “equitable distribution” approach, which means marital assets and debts are divided fairly, though not necessarily equally. Marital property generally includes:
- Assets acquired during the marriage
- Income earned during the marriage
- Appreciation of pre-marital assets (under certain conditions)
- Contributions to retirement accounts
- Business value gained during the marriage
Non-marital property may include assets acquired before the marriage, inheritances, or gifts received by one spouse individually, as long as they were not co-mingled.
A Tampa divorce lawyer will evaluate how the courts may view each category of property, including arguments for unequal distribution based on factors such as economic misconduct, dissipation of assets, or disparities in income.
2. Protect Your Credit and Financial Standing
Divorce does not change your obligations to creditors. If your name is on a joint credit card or mortgage, you are legally responsible for the debt—even if the divorce decree assigns it to your ex.
During the divorce:
- Monitor your credit report regularly
- Close joint credit cards or freeze them if necessary
- Keep up with minimum payments on all accounts
- Document any unusual withdrawals or financial behavior by your spouse
Credit protection is one area where a Tampa divorce lawyer can provide early advice that avoids major post-divorce problems.
3. Spousal Support (Alimony)
Florida allows various types of alimony depending on the length of the marriage, the needs of one party, and the ability of the other to pay. These include:
- Temporary alimony (during the divorce)
- Bridge-the-gap alimony (short-term support to transition to single life)
- Rehabilitative alimony (support for education or training)
- Durational alimony (support for a set period)
- Permanent alimony (in limited cases, typically long-term marriages)
The recent reforms to Florida’s alimony laws have limited permanent alimony and emphasized rehabilitation and time-bound awards. Still, many divorcing spouses rely on alimony to maintain financial stability during and after the divorce process.
A Tampa divorce lawyer can help determine what kind of alimony you may qualify for—or be asked to pay—and how to structure it in a way that protects long-term interests.
4. Child Support and Parenting Costs
If minor children are involved, child support will be a major financial consideration. Florida uses an income-sharing model to calculate child support based on:
- Each parent’s income
- The number of overnights each parent has
- Childcare expenses
- Health insurance and uncovered medical costs
- Special needs or educational expenses
In addition to basic support, parents must address how to divide the costs of school, extracurriculars, transportation, and other parenting expenses. These often become points of dispute.
An experienced Tampa divorce lawyer will ensure that all relevant financial factors are included and that the parenting plan accounts for how shared costs will be handled.
5. Valuation of Complex Assets
High-net-worth divorces or divorces involving businesses, stock options, or investment portfolios require sophisticated valuation methods. A spouse may attempt to underreport income, delay a bonus, or hide assets in hard-to-trace accounts.
In such cases, your legal team may recommend hiring:
- Forensic accountants
- Business valuation experts
- Real estate appraisers
- Financial neutrals for mediation
Properly valuing assets ensures that no party is left with a disproportionately small share. Tampa divorce lawyers handling complex financial matters often work alongside trusted valuation professionals to achieve a fair result.
After Divorce: Rebuilding and Reorganizing
Once the final judgment is entered and the legal process concludes, financial planning doesn’t end. In many ways, it begins anew. Post-divorce life comes with new income, new expenses, and new goals.
1. Create a New Budget
Start by revisiting your monthly income and expenses. Your budget should now reflect:
- Your individual income (including support, if any)
- Adjusted rent or mortgage payments
- Updated insurance premiums
- Any legal or professional service costs
- Retirement contributions
- New savings goals
You may find your expenses increase or decrease depending on your living situation and custody arrangement. The goal is to stabilize your cash flow as quickly as possible and regain control over your finances.
2. Update Financial Accounts and Documents
After the divorce, it’s critical to revise all financial accounts and documentation:
- Remove your ex-spouse from joint accounts
- Update beneficiary designations on life insurance and retirement plans
- Re-title property that was awarded to you
- Update your will, trust, healthcare surrogate, and powers of attorney
- Inform your employer of changes to tax withholding and benefits
A Tampa divorce lawyer will typically coordinate with an estate planning attorney or financial advisor to help ensure everything is updated properly and enforceably.
3. Monitor Support Payments and Obligations
If alimony or child support is part of your divorce, ensure all payments are properly tracked. Whether you are receiving or paying support, keep detailed records. If payments are made through the Florida Disbursement Unit, records will be maintained automatically. If payments are made directly, consider using a co-parenting app or payment tracking service.
In the event of job loss, health issues, or income changes, you may be eligible to file for a modification of the support order. A Tampa divorce lawyer can advise on when and how to seek such changes through the court.
4. Rebuild Credit and Financial Identity
Divorce often affects credit scores, especially when debts are divided or joint accounts are closed. Post-divorce steps to rebuild include:
- Making on-time payments
- Paying down debt
- Avoiding new joint financial obligations
- Monitoring credit reports for errors or identity issues
This is also a time to define new financial goals. Whether it’s buying a home, returning to school, or building a retirement portfolio, financial planning in this phase is about stability and independence.
FAQ
Should I close joint accounts before filing for divorce?
Not necessarily. Closing or draining accounts without notice can backfire. Instead, document balances, open your own accounts, and consult a Tampa divorce lawyer before making major changes.
Will I automatically receive half of everything?
Not always. Florida follows equitable distribution, which means the court will divide assets fairly—not always equally—based on a number of factors.
Can I stay on my spouse’s health insurance after divorce?
Typically, no. Once the divorce is final, you’ll need to obtain your own coverage. COBRA may be available for a limited time, but it is usually expensive.
How is alimony calculated?
There is no set formula in Florida. Courts consider factors such as the length of the marriage, financial need, and each spouse’s ability to pay. A Tampa divorce lawyer can estimate what support may look like based on your circumstances.
Do I have to pay my spouse’s debts after divorce?
Only if those debts were marital and assigned to you in the divorce. However, creditors may still pursue either party on joint debts unless removed by refinancing or other arrangements.
How can I protect my retirement accounts in divorce?
Use proper legal tools like QDROs for qualified plans. Work with your attorney and financial advisor to assess the tax consequences and ensure the division is enforceable.
Will my credit score be affected by divorce?
Divorce itself doesn’t affect your credit, but changes in debt responsibility and account closures can. Monitoring your credit during and after the divorce is highly recommended.
Can I change the child support amount later?
Yes. If there is a substantial change in circumstances—such as a new job, job loss, or change in the parenting schedule—you can petition the court to modify support.
Is it too late to start financial planning if I’m already in the middle of a divorce?
Not at all. Financial planning is essential at every stage. The sooner you engage with a Tampa divorce lawyer and financial professionals, the better your outcome will be.
What if my spouse is hiding assets?
This is unfortunately common in some high-conflict divorces. Forensic accountants and legal discovery tools can help uncover hidden income or property. Your attorney can take action to ensure full disclosure.
The McKinney Law Group: Legal Support for Every Phase of Divorce in Tampa
Divorce doesn’t end with the final judgment—it’s an ongoing process that can involve changes in custody, support, or life circumstances. At The McKinney Law Group, we offer comprehensive divorce support for Tampa clients, before, during, and after the divorce is finalized.
We provide:
✔ Initial guidance on filing and protecting your rights
✔ Representation through negotiation, mediation, or trial
✔ Modifications to custody, support, or alimony orders
✔ Enforcement of court orders and settlement agreements
✔ A compassionate team that understands your long-term needs
We’re with you every step of the way—because divorce is more than paperwork.
Call 813-428-3400 or email [email protected] to get started.