Thursday, February 9, 2017

Family Finances: How Divorce Can Change Your Financial Outlook



Most people think about the financial burdens when they think about getting divorced. Money always comes between two people when personal incomes, property and tangible assets must be divided. 

Learn how divorce can transform your views about finances for the better or worse.


Separation


The first step in the process of divorce is separation. Usually, one former spouse stays in the main house, and the other one finds another place to live. 

Many couples have separate jobs, but they are better off financially when they combine their two incomes.

For people working normal jobs, paying the bills becomes more difficult. Now, there are two mortgages, two electric bills, two grocery bills and no discounts for married couples. Each person's income remains the same, but the expenses double.





Some people say that going through a separation is an awakening. They become more aware of their situation before and after the divorce. 

Many people feel the urge to become more independent and enjoy their newfound financial freedom.

Child Support



In a divorce, some arguments arise over which parent should get custody. In a separated household, one parent usually has to pay child support from afar. 

One parent can ask for support and request a certain amount for the monthly payments. The court has the authority to determine the amount of compensation that one parent must pay the other.

Some people have to find another job or rearrange their lives just to make payments. They may think that they've received an unfair judgement and have the right to bring the case to court again.

You may not realize how important money is until you go through a situation like this. As a result, you are more likely to guard your finances. Most importantly, anyone who goes through a divorce will be more cautious about who he or she marries.

Dealing with child support is a hassle that could turn into an 18-year-long battle. Find an experienced lawyer who has dealt with many divorce cases and will give you advice on which route to take and which to avoid. It is important to evaluate your options with legal providers like Divorce Matters.

Other Matters


Often times in a divorce, there are other matters to take care of other than just simply paying child support. 

You are now a single parent. This means that you have half of the financial responsibility of your child. And technically, you also have full financial responsibility of your child when they are with you. 

You have to make sure there is food on the table and that they have clothes on their back. They may not be with you full time, but you are still their parent and therefore you are still responsible. 



It isn’t the same as having your spouse there to take care of them too. Your finances are split. Each of you share the responsibility of raising that child.

Another expense may be alimony. This is basically financial support to your ex-spouse if they are not bringing in sufficient income to live on their own while raising your child as well. 

Child support is more or less money you pay to the other parent for the child. Alimony is more or less so they can cover some additional living expenses. Alimony is something to be prepared for in the judge’s ruling in your divorce case.

Whenever people hear about divorces, they hear about a spouse who gets drained by the other and takes their disputes to the court. 

Money, in the form of spousal support and division of property, is one of the biggest challenges that affect most divorces. Before the divorce, contact a legal expert to go over your options and avoid going through lengthy battles over money.


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