09 Apr How Divorce Impacts Your Finances
So many things change when you file for divorce. For example, your relationships with friends and family may become strained. Also, individuals with children will have to learn to work together to develop a co-parenting plan. Another thing that changes when your marriage ends is your finances. This article will explain how divorce may impact your finances so you do not go into the process unprepared.
Spousal and Child Support
Courts want to limit the damage of divorce as much as possible—spousal support was created for this reason. Spousal support is when one partner pays money to the other so they can have financial support to get back on their feet after divorce. It is not intended to maintain the same lifestyle they had during the marriage. If you did not have a prenuptial agreement in place before you got married, spousal support can cost thousands of dollars every month. So, you’ll want to factor this in before you sign anything on the dotted line.
Similar to spousal support, child support is meant to limit the damage divorce has on children. Typically, the court will order one parent to pay the other for the child’s needs. Child support can include:
- Educational expenses
- Dental and medical fees
- General supplies and items the child needs for daily living needs
You will need to hire a parenting plan lawyer to work out the details of your child support agreement. LaCoste Family Law is here to ensure all deals center around the child’s best interests.
Property Division
You will need to hire a property division lawyer when you file for divorce. Attorneys who specialize in property division will help couples sort out where each person will go when their marriage dissolves. It is best to have a third-party present because things can get heated when discussing the breakup of assets and properties.
The longer the divorce proceedings go on, the more expensive things will become. Consequently, you might consider a collaborative divorce before starting anything else. Collaborative divorce is where one lawyer is hired to help both parties come to an agreement. When a divorce is amicable, this may be a good option. The good news is, that the infamous courtroom battles from television and movies only occur when mediation fails. So, hopefully, your divorce proceedings do not come to this, and you and your former partner can figure out how to divide your assets together—just follow this guide on how divorce impacts your finances.