Divorce can be tough for so many reasons, from living without a person who has been in your life for decades to dealing with stressful legal matters involving your children, such as custody. However, the financial side of divorce cannot be overlooked and it is pivotal to prepare. There are many different financial stressors that may arise during and after the divorce process, and these factors could wreak havoc on your finances if you are not ready. From alimony and child support to property division and even your career, the divorce process may affect your financial life in all sorts of ways.
Sometimes divorce is the result of a partner’s infidelity or abuse, but some marriages come to an end because a couple has simply drifted apart over the years. This is quite common and there are a number of factors you should consider if you see this happening in your life. For example, some couples are able to reconcile their differences and work together through counseling to save their marriage, but this certainly does not work for everyone. Sometimes, a couple (or even one spouse) decides that divorce is necessary, in which case you need to be prepared.
Ending your marriage may be a challenge for numerous reasons, whether they are financial in nature (alimony, property distribution, and so on) or involve your kids. However, you may also face a hard time during and after the divorce process as a result of other people gossiping about your circumstances. If you are a community leader or celebrity, you may even find that a number of people who you do not even know discuss your personal affairs and cast judgment on your decisions. Our law office understands how difficult this can be from an emotional point of view and it is important to prevent these feelings from affecting your divorce case.
Soon, many kids across the country will be returning to school after summer vacation. For parents, this can be an especially stressful time of year. After all, between running around to buy clothes and school supplies and discussing school-related issues with kids (social anxiety involving classmates, stress over schoolwork or changes to a child’s schedule, etc.), there may be difficult issues for parents to handle. You may find yourself in a position where you are thinking about divorce, or maybe your divorce petition has already been filed and you are in the midst of the process. Either way, it is important to be prepared.
For virtually every couple, divorce can present challenges on a number of levels, from emotional struggles to financial concerns. With that said, some people have an especially difficult time during the process of ending their marriage, like those with a high net worth, for example. If you are considering high-asset divorce, you may be put off by the idea of ending your marriage because you worry about how your financial accounts and property will be affected. However, these concerns may be mitigated by carefully going over all options beforehand.
For many people, the decision to end a marriage results in a fresh start, an opportunity to move beyond hurdles that have been lingering for years. Likewise, bankruptcy can also provide people with this sense of starting anew, allowing them to break free from financial shackles that have been holding them back for years. However, both of these issues can bring up a number of questions as well as concerns, so if you are preparing to file for divorce or have already split up with your spouse, you may want to think about the impact this could have on your bankruptcy case as well.