The impact of a divorce can be more devastating than you think. While it can alter your lifestyle, you cannot expect your finances to be the same again. Things can get all the more complicated if you have children or a joint business or investments with your spouse. There are several financial issues that you need to be aware of, considering that you will be a single mom or simply on your own once the proceedings are through. Awareness can save you a lot of trouble because not managing your money properly can leave you in debt. Here are the financial issues that every divorcing woman should know about.
Division of assets and liabilities
The law states that all the assets are divided on the basis of the laws of the state of residence, unless you have a prenuptial agreement in this context. A majority of the states consider that all the assets acquired by either of the spouses during the marriage are marital assets. These assets are to be divided equally during a divorce. The ones that belonged to them before the marriage are distributed equitably. While your assets will be divided, the same goes for the liabilities as well. These include home mortgage, credit cards and joint loans applied as a couple. Take a complete overview of these aspects while discussing the divorce settlement with your husband.
Child support
Perhaps the most significant and sensitive aspect of a divorce is child support. When parents get separated, the impact on the life of the children is immense. According to the Raleigh divorce lawyers , single moms need to ensure that they get enough in child support to give your children a good life if you are planning to get their custody. The state guidelines consider several aspects while calculating child support in individual cases including the custody agreement, number of children and parental income.
Spouse support
Apart from child support, you would also be entitled to spouse support or alimony based on your circumstances. If your income is drastically impacted by divorce, you may get alimony. Like child support, spouse support also has a specific end date. The objective is to give you enough time to recover financially and get your life back on track after divorce. However, you need to be careful about your monthly budget and ensure that you spend the support money judiciously.
Adjacent costs of proceedings
The financial impacts of the proceedings are often unexpected and include things that you may not have planned. You will have to pay for hiring the attorney to represent you in the court. Further, a financial consultant also has to be hired for assessing the value of your assets and liabilities. Add these costs to your financial planning during the process so that you may plan the spending accordingly.
Careful money planning is definitely important for women, more so if you are financially dependent on your spouse and want the custody of your children after divorce. It can help you in the long run as you can get your life back to normal sooner rather than later.
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