Awareness of financial obligations during a divorce is an essential part of the process.
Are you going through a divorce right now, or do you think that you are on the cusp of one? This can be a very trying and emotional time, but you must make sure that you do not let this overwhelm you so that you do not take the proper steps to protect yourself. There are many financial obligations that go along with a divorce, and you should both understand and plan for them ahead of time. In fact, the best route is to work with a divorce lawyer who can tell you about all of your obligations, your options and the way that the law impacts you in this situation. Some of the most important things to think about are:
• Child support
• Court fees
• Division of assets
If you have children, a divorce attorney can help you know exactly how much you are going to have to pay to support them after the divorce. This is typically based on two factors, which are the projected cost of raising the children and your total income. A balance will be found. If the children are going to live with you, you should also learn about this to know how much money you should get from your spouse.
While divorce finances can be complicated, most people know about the basics, like child support. However, they do not always know about alimony. This is money that you may have to pay to your spouse if he or she was not in the workforce while you were married, instead choosing to be supported by you - often while raising children. The law is set up so that you only have to pay alimony if you have been married for a set amount of time; in many places, it kicks in after seven years. Ask the divorce lawyer if you are going to have to pay in your situation.
The amount that you have to pay for court fees really varies with the case. If you are involved in a legal battle and you both have a divorce attorney, the fees could be rather high. However, if you feel that the battle is necessary so that your spouse acts within the parameters of the law, you may be able to set things up so that he or she has to pay the fees. After all, you would not have needed to go to court if the law had been followed in the first place.
Division of Assets
Lastly, the two of you will divide up what you own. This could be cash from a bank account. It could be money that you were saving together at the house. If you cannot fairly find a way to divide things that you own during the divorce - such as a car or a vacation home - you may have to sell them, split the money in half, and then go your separate ways, having lost the actual items.
About the author:
Jennifer Caughey is a freelance content writer who lives in Toronto, Canada. Jennifer has been involved in the divorce process, and knows that it is not pleasant. She has most recently been writing guest posts for Fine & Associates.