A divorce can be a stressful and contentious matter, and not just because of the impending end of the relationship. Financial matters are also particularly important in divorce, and they can have a lasting effect on each party’s quality of life. If you are planning on filing for divorce or have recently been served, beware of these money issues in your case and learn how an experienced divorce lawyer may be able to help protect your interests and financial future.
Housing and Living Expenses
When couples split, one typically leaves the family home. The other might stay, or the couple might agree to sell the home and have both parties vacate the premises. Regardless of the living arrangements that you agree to, you should prepare for a possible increase in living expenses. You should also consider how a decrease in income—a common by-product of divorce—will affect your financial situation. As an example, you might consider downsizing before the proceedings begin if maintaining the family home is not a viable option.
Challenges for Disadvantaged Spouses
In a marriage, one spouse might handle all of the couple’s finances, bills, and expenses. In some cases, this same spouse is also the sole income earner. When these two realities are combined, it can create a serious disadvantage for the non-earning spouse. While maintenance and child support may be available, including while the divorce proceedings are pending, disadvantaged spouses often lack the knowledge or resources to pursue such provisions on their own. If you are in such a position, an experienced attorney can help, even if you do not have funds of your own. Do not forgo talking to a lawyer just because you lack available cash. Instead, find out what options may be available to you.