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Protecting your finances during a divorce

| Oct 6, 2020 | Divorce |

The divorce process affects people in various ways, whether you are worried about your ability to maintain a strong relationship with your children or you have concerns about adjusting to daily life after your marriage ends. However, there are various financial matters that require careful consideration, especially since these issues can have a significant impact on your financial health for many years. Moreover, finances are often an especially contentious facet of divorce when people are dealing with a hostile ex.

From child support and alimony to the division of marital property, legal fees and adjusting to financial commitments without your former spouse, there are a host of issues that people need to go over during their divorce.

The financial impact of divorce

The divorce process is often costly, especially since people have to pay legal fees and many miss work in order to deal with court-related issues. Spousal support payments prove challenging for some people, as well as child support, and it is critical to prepare for divorce in order to obtain a favorable outcome with regard to these obligations. Moreover, the way in which marital property is split up often plays a key role in one’s financial future.

The financial benefits of ending a marriage

Sometimes, ending a marriage is beneficial from a financial point of view, especially if one’s former partner is very combative. For example, some people rack up credit card debt or withdraw money from joint accounts during their marriage and display financial irresponsibility. According to the Centers for Disease Control and Prevention, many women financially benefit from getting a divorce due to working more.

In some instances, moving on from such a relationship leads to financial security and independence from these problems. Moreover, some people are able to focus on their careers or move to another state and pursue better opportunities as a result of their divorce, leading to greater financial security.