Divorce is a daunting prospect for numerous individuals. There are multiple factors to put into considerations. Living arrangements, time with children, intimacy, relationships with mutual family and friends and lifestyle changes are all significantly affected. Finances are generally high on the lists of concerns. For the financially disadvantaged spouse - the one without a job or a significantly lesser income, it can be particularly scary facing the prospect of going it alone in the future. There are some preparatory steps that should be taken as you face an impending divorce. Here are 6 tips on divorce and finance that can help you as you go through the process:
Firstly, the family courts will take into account any children under the age of 18. The child's care and residence will play a vital role in the court decision on how to divide (if at all) the Family Marital Home. If a child is involved, the child's welfare is the court's highest priority which, naturally, has a direct impact on dividing up the assets alongside each party's financial entitlement.
The family court will then take into account the full extent of your financial resources, including income, future earning capacity/property. This will include looking into the future at any potential salary increases, as well as potential limits to future earnings, if for example, one party has had sole care of the child and not worked until this point. Debts accrued in the course of the marriage also play an important part.
Your current alongside future financial needs/ responsibilities are also considered. In accordance with the Court's primary concern for the welfare of any children, the money needed for the child's care will be considered most carefully. Other important examples include current mortgage payments, how much it would cost to rent/buy another house to live in, as well as if anything in the future is likely to substantially alter this, if for example, a party re-marries.
Create a realistic budget. Your attorney will likely ask you for this. Be sure to include details of all the current expenses you have, even infrequent ones like the orthodontist, HOA dues, and the like. Include rent or mortgage payments, insurance premiums, school costs, utilities, car payments, gas costs, car maintenance, food, etc.
Consult with a financial specialist who works in the area of divorce and projections on future outcomes of settlements. This can be extremely helpful as you work out a fair settlement. Keeping that expensive house may not be the best long term plan for you financially. Find out your options.
Create your living expenses budget. List everything you need, including rent, mortgage, HOA dues, property taxes, utilities, food, gas, insurance policies, car maintenance, school tuition, gym memberships, and any other regular, fixed expenses for you and your children. This will help both you and your attorney work with a realistic picture of what you need to live on your own.
As you can see, the family court takes all the relevant circumstantial details into account when deciding the amount of money to be divided between each party, upon separation. These considerations are governed by Statute, which ensure the family court will consider them, which means when justifying your financial claim, these are the areas to target.
Firstly, the family courts will take into account any children under the age of 18. The child's care and residence will play a vital role in the court decision on how to divide (if at all) the Family Marital Home. If a child is involved, the child's welfare is the court's highest priority which, naturally, has a direct impact on dividing up the assets alongside each party's financial entitlement.
The family court will then take into account the full extent of your financial resources, including income, future earning capacity/property. This will include looking into the future at any potential salary increases, as well as potential limits to future earnings, if for example, one party has had sole care of the child and not worked until this point. Debts accrued in the course of the marriage also play an important part.
Your current alongside future financial needs/ responsibilities are also considered. In accordance with the Court's primary concern for the welfare of any children, the money needed for the child's care will be considered most carefully. Other important examples include current mortgage payments, how much it would cost to rent/buy another house to live in, as well as if anything in the future is likely to substantially alter this, if for example, a party re-marries.
Create a realistic budget. Your attorney will likely ask you for this. Be sure to include details of all the current expenses you have, even infrequent ones like the orthodontist, HOA dues, and the like. Include rent or mortgage payments, insurance premiums, school costs, utilities, car payments, gas costs, car maintenance, food, etc.
Consult with a financial specialist who works in the area of divorce and projections on future outcomes of settlements. This can be extremely helpful as you work out a fair settlement. Keeping that expensive house may not be the best long term plan for you financially. Find out your options.
Create your living expenses budget. List everything you need, including rent, mortgage, HOA dues, property taxes, utilities, food, gas, insurance policies, car maintenance, school tuition, gym memberships, and any other regular, fixed expenses for you and your children. This will help both you and your attorney work with a realistic picture of what you need to live on your own.
As you can see, the family court takes all the relevant circumstantial details into account when deciding the amount of money to be divided between each party, upon separation. These considerations are governed by Statute, which ensure the family court will consider them, which means when justifying your financial claim, these are the areas to target.
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