It’s a fact: divorce can be expensive. Money is one of the primary issues that spouses argue about when a marriage is ending, and ironically, arguing about money is also one of the main reasons couples divorce. The following contains some financial considerations to take into account if you are planning on divorcing your spouse.
First, regardless of which spouse brings in the most money to the marital household, once the two of you have separated, the money supply is going to be reduced. Going from a two-income household to a one-income household is a difficult adjustment. It is important to be conscientious of this reduction in income while going forward with your plans for separation and divorce.
Second, if you are a stay-at-home spouse due to parenting or other reasons, separation/divorce can be even more difficult since you have been relying on your spouse’s income. As a stay-at-home spouse, you may be entitled to child support or spousal support, but keep in mind securing such support payments can take time after separation whether through private settlement or litigation. In other words, if you and your spouse are going to separate, do not rely on obtaining support instantly after separation. It is important to try and plan as much as possible so that you are not left stranded waiting for your marital issues to be resolved.
Third, it is a good idea to try and build yourself a “nest-egg” so to speak around the time you plan to separate from your spouse so that you have some funds to fall back on. This is not to suggest that you should funnel away marital/shared funds or empty joint bank accounts – that sort of action could have negative consequences later on. Instead, you should focus on trying to build your nest-egg from other sources such as opening credit cards in your name alone and using them when you absolutely need to, as well as borrowing money from family or friends to help you along through this difficult time.
Fourth, when going through a divorce, you are going to want to seek the advice and assistance of a knowledgeable divorce attorney. Having someone on your side that can protect your rights during the process is vital. Although your attorney will require legal fees in order to work on your case, he or she can advise you on ways to save money during representation depending on your unique situation. Call The Doyle Law Group, P.A. today at (919) 301-8843 to set up an appointment and receive guidance on these issues from one of our excellent divorce attorneys.
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