Divorce can affect different aspects of your life, including your finances. You may be concerned about how to maintain your living standard during and after the divorce.
Here are two financial concerns you may have:
Immediate financial concerns
You may be concerned about the immediate financial components of divorce, including division of property, spousal support and child support if you have a child.
Will you and your soon-to-be ex-spouse agree on how to divide property? If you go to court, what factors will the judge consider to divide property? Who will keep the family home? Can your spouse hide assets? Will spousal support be awarded in your case? How will child support be handled?
You may also be concerned about how much the divorce will cost, especially if you and your spouse can’t find common ground regarding crucial matters.
You need to obtain adequate information about these matters to make informed decisions.
Future financial concerns
While it’s crucial to pay attention to immediate financial concerns, you also need to look into the future. Divorce will affect your finances in one way or another. You may be leaving a two-income household to one income. Your monthly spending may increase, as you won’t be splitting bills with your spouse if you do that.
Further, if you agree on your spouse keeping the family home, you may be in the market looking for a house. Keeping the family home will also create additional expenses since you may be solely responsible for mortgage payments and maintaining it. Additionally, you may need to request spousal support to meet your future needs, and so on.
Divorce can affect your current and future financial needs. Consider legal guidance to protect your financial security.