A divorce can be a stressful and contentious matter – and not just because of the impending end of your romantic relationship. Financial matters are also particularly important in divorce, and they can have a lasting impact on each party’s quality life. If you are planning on filing for divorce or have recently been served, beware of these money issues in your case and learn how an experienced divorce lawyer may be able to help protect your interests and financial future.
Housing and Living Expenses
When couples split up, one typically leaves the family home. The other may stay, or the couple may agree to sell the home, and both may vacate the premises. Regardless of the living arrangements that they agree to, parties are encouraged to prepare for an increase in living expenses. Couples should also consider how a decrease in household income – an inevitable side effect of divorce – may impact their respective financial situations. As an example, consider downsizing early, before the proceedings begin, if maintaining the family home is not looking like a viable option.
Financially Disadvantaged Spouses
In a marriage, one party typically handles the couple’s expenses and assets. In some cases, this same party is also the sole provider. When these two concerns are combined, it can create a serious disadvantage for the non-earning spouse. While alimony or child support might be an option, even before the divorce is finalized, disadvantaged spouses sometimes lack the knowledge or resources to pursue such relief on their own. An experienced attorney can help – even if the disadvantaged spouse does not have their own money to spend. So, do not skip the lawyer just because you lack liquid funds. Instead, find out what options may be available to you.
More Money Tips for Divorcing Couples
While the previous two tips can help divorcing parties immensely, there are still several other money issues to consider in divorce. For example, the spouses may be tempted to use credit to pay for their expenses until the divorce ends, but this can be a financially devastating decision. Another matter to consider is how money is spent. While there may be things that you need to get by during your divorce, excess spending is discouraged until finances stabilizes after the divorce is final
Contact Our Denver Divorce Lawyer
With many years of family law experience, Pesch Law Office PC has the knowledge and skills needed for your divorce case. We can examine your situation, explain your options, and represent your best interests throughout the entire process. Schedule a free initial consultation with an experienced Jefferson County divorce attorney to learn more about how we can assist you. Call today.