Dealing with a divorce isn’t easy, no matter what way you look at it. However, it becomes more difficult when you also factor in all the financial implications. Of course, emotions normally take priority in a divorce. But you should also be aware of the ways in which a divorce can affect you financially. Here are the things that will need to be taken into account.
Legal Fees
Don’t make the mistake of taking on a divorce without having a lawyer. If you ask me, both parties should have their own lawyer that can take care of the bulk of the work for them. Without a lawyer in place to fight your corner, there will be more pressure and strain placed on your shoulders. There will also be more direct confrontations, mixed with emotions, between you and your ex. When you have lawyers to help you through it, their emotions won’t come into it because they’re just doing their job.
Finding a New Place to Live
Divorcing someone often means having to move out of the family home. This means that you are in a position where you have to find somewhere new to live. You might not have the money available to you to buy a new home, meaning that renting is the only option. This situation can only be changed when the house is sold and the money gained is split between you and your ex. However this plays out, it’s certainly going to cost you money in the short term. It’s one of those unavoidable expenses that you’ll need to be prepared for. You could try to remain in the family home, but that can lead to more arguments.
Child Maintenance Payments
All parents have to provide for their children, so this won’t be something that’s new for you. However, when you have to pay child maintenance, things are taken out of your hands. What’s more, you don’t always know how the money will be spent. If you can trust your ex to spend the money on the children and be responsible about it, this shouldn’t be a problem for you. On the other hand, if you don’t trust them, you might end up feeling like your money is being wasted. Shared parenting agreements include the negotiation of child maintenance payments. So, make sure that you set the parameters early on to avoid future trouble.
Dividing Assets
One of the major focuses during the divorce proceedings will be the task of dividing up assets. Who will get the house? Who will get the shared car? How will the money be split? This is where problems and arguments often arise. If you don’t receive a fair deal, negotiated by your lawyer, you could take a big financial hit. It doesn’t have to be this way though. Be fair, and always be prepared to negotiate. It’s normally possible for both sides to come away with a fair slice of the pie if everyone behaves in a just and reasonable manner. But whatever you decide, don’t try to do this without a lawyer.
