Financial Security And Divorce
Even under the friendliest of circumstances, neither spouse in a divorce will likely come out ahead financially. When married, there was one household to pay for; once divorced, there will likely be two households. Many formerly shared expenses will need to be duplicated like insurance, memberships, vacations, entertainment, mortgage and/or rent, utilities, transportation, personal services and more.
When children are involved, each parent’s respective household will need to be outfitted with kids’ bedrooms and all the personal property the children use.
When a marriage blows apart, people suffer emotionally and have to make big decisions when dealing with grief and stress. It may be hard to focus on good financial decisions when energy and focus must be on the children’s and/or one’s own well being.
However, financial steps during this anxious, sad and sometimes angry time need to be taken with care despite difficult emotions and high stress. Future financial stability as individuals must be the highest priority after securing the physical and mental safety of the spouses and children involved. Each person leaving a marriage has to have a plan to meet basic needs now and in the future, to fund retirement, and to provide current and future necessities for children.
One of the first decisions each spouse will make is who to hire for legal advice. Divorce can be an expensive endeavor if one is not careful. An experienced divorce attorney is important for guidance at every step. Legal fees vary widely among lawyers offering family law services. Some divorces are more complex – whether it is more at stake financially, emotionally, physically, or personally – than others and particular legal experience may be worth paying more for.
Anyone facing separation or divorce should be careful to balance cost, experience and skill in deciding which lawyer to hire. Hiring counsel is like embarking on a new relationship. It is important to find someone you feel comfortable with, that you can share your thoughts and feeling with, who makes you feel comfortable and shares your vision of the case.
Often, other professionals are needed to assist in the divorce process like accountants, financial advisors, appraisers, real estate brokers, and parenting or children’s experts. Each hiring decision should be carefully evaluated for need and cost.
Finally, if a small or family business is involved, the parties must be sure the business receives the continuing attention and money it needs to survive, or a reasoned decision should be made about possible business sale. That same business may need to continue to support the parties and their children after the dust settles and the divorce is final.
Similarly, it can be easy to neglect a job when dealing with the complexities of life during separation and divorce, and a wife or husband must be careful not to lose his or her job because of absence and inattention to professional duties.
If you are considering divorce be sure to consult with a knowledgeable family law attorney right away to help you throughout the process.