Impact Of Divorce On Financial Stability
A divorce can affect your life in a lot of ways. It not just causes emotional and mental stress, but also have a long-lasting impact on your financial stability as well. This can change your lifestyle, your children’s lives, your future plans and much more. It’s better to look into each and every aspect before you file your case. This would give you a clear list of consequence and help you plan your financial stability and further life decisions accordingly.
- Division of Assets: One of the major financial aspects of divorce is the property settlement. Most of the couples have a prenuptial agreement to help them with these settlements. Visit your divorce lawyer to help you get along with this agreement. This documents your rights and responsibilities in case of a divorce. It also outlines the assets and properties that you bought into the marriage and who will be entitled to the possession after the marriage is over.
In case you do not have such agreement with your spouse, or there are several other assets that were not covered within the agreement, you need to work with your financial advisor alongside your divorce lawyers to sort out a favorable settlement. This may include the possession of your family home, the incomes you saved throughout the years, any vehicle or goods you purchased during the marriage, profits from the investments made, and much more.
While these are what you will get, you need to take care of any loan or debts that need to be repaid. You are legally obligated to pay them off equally even after the divorce as you would have paid otherwise.
- You May Have To Pay For Child Support: Besides getting possession for your child, you will be legally obligated to pay or their expenses dealing with education, health, food, and any other requirements. Although the amount varies as per the status and situation of the couples, they can be an overhead that you need to pay every month.
- Alimony Payment Adds Up: Looking into the time and efforts that one gave during the marriage, one of the two spouses is legally instructed to pay a certain amount of money in order to financially support the disadvantaged. Just like the division of the assets, this can be mentioned in the prenuptial agreement to make things easy. Otherwise, the court will look into the various factors of both the spouse and decide some reasonable alimony. No matter what, you need to pay the amount fixed by the court. This can be troublesome as you have to save that extra amount every month.
- Moving And Additional Housing Costs: It is obvious that one or both the partners need to move out of their family home. This means you will have to look for a different housing arrangement. This will demand extra finances to put into the new resident.
Divorce is linked with several immediate as well as long-lasting impacts. With so many variables involved, you need to plan your finances accordingly maintain stability. Consult some experienced family lawyer to help you out with this stressful situation.
BIO Dan Buckley works as a Legal Partner of Best Wilson Buckley Family Law and is considered among one of the top Family Lawyers in Brisbane. Besides the legal expertise, Dan is well versed in assisting clients to make critical decisions regarding their children and their financial interests. In 2015, he was titled as a Recommended Family Lawyer in the independent Doyle’s Guide.