Divorce can provide you and your spouse freedom from your complicated relationship. It’s becoming more and more common in the U.S., as about half of American couples end up separating. However, the process hasn’t gotten easier, especially for your bank account. During the case, you’ll be pushed to agree to terms or make decisions that significantly affect your current and future finances. Here are some of the financial problems to expect during your divorce.
Splitting the Property
The outcome of this process is more manageable if you have a prenuptial agreement with your spouse. If you don’t, however, you will have to negotiate and settle it with your spouse in court. That is why it’s crucial to have a seasoned divorce lawyer representing you during this phase.
If you can’t agree on the terms, the state may split the real estate for you. That also goes for other marital assets or items you and your spouse acquired together during the marriage. These can include your cars, stocks, artwork, businesses, and even loans.
While the court exercises caution and fairness when dividing assets, you may end up with a split that you don’t find just. As such, you should do your best to negotiate with your spouse, even if you find this process emotionally difficult.
The state requires both parents to provide financial support for their child or children. The value depends on your and your spouse’s incomes, the number of children you have, and your custody arrangement. In places like Utah, the judge will determine the amount you’ll pay for child support. You can opt to pay more, but the court won’t allow you to give less. As such, you need to provide all the information the court needs to provide you with a fair amount. You can also ask your lawyer to request an adjustment from the court if you have enough evidence that your income won’t be sufficient.
Also known as spousal support, it is determined by your and your spouse’s incomes. If the divorce severely affects a person’s earnings, such as losing their job or stake on a shared business or being unable to support their lifestyle with their solo income, their spouse may be entitled to pay alimony.
This decision depends on a variety of factors, like the length of the marriage, both party’s financial conditions, the recipient’s ability to earn income, the provider’s ability to pay support, and more. The length of the alimony depends on the judge, but they cannot extend support longer than the length of your marriage. You can also ask your attorney to negotiate alimony terms in a way that’s fair for you and present it to the judge for review.
Divorce, while liberating, comes with a lot of mental, spiritual, and financial stress. Use this information to manage your expectations for your upcoming hearings. Don’t be afraid to negotiate with your spouse and the court about the payment amount and terms. This way, you don’t have to worry about going broke while adjusting to a new normal.