Tuesday, April 11, 2017

Divorce And Finance For The Non-Working Spouse

By Laura Sullivan


It is out of doubt that the family court will not make decisions on your financial properties based on whose version of the divorce story they believe on the day. In fact, the law provides family courts with a list of relevant factors to consider when determining your financial position. These are essential to be aware of when going through a divorce, in order to ensure you put yourself in the best possible position when the court is considering your rightful financial share. These divorce and finance considerations include a number of factors.

Hire a good attorney immediately. Do not "trust" your spouse to take care of your best interests during a divorce. Whenever there are property issues, significant assets, and child custody issues involved, it is wise to use an attorney to make sure all bases are covered and that your interests are protected. Be sure you choose someone you feel is genuinely on your side and out for your best interests. A good attorney will manage the financial divisions, as well as property and child custody issues. This is important to be sure you have crossed all t's and dotted all i's, and that nothing has been missed

Get a credit card in your name only. This is usually best done when your spouse's and your credit is still combined, so that you get a higher limit and can report a higher combined household income. You may need to try more than one company if you are declined by one.

Your current alongside future financial needs/ responsibilities are also considered. In accordance with the Court's primary concern for the welfare of any children, the money needed for the child's care will be considered most carefully. Other important examples include current mortgage payments, how much it would cost to rent/buy another house to live in, as well as if anything in the future is likely to substantially alter this, if for example, a party re-marries.

Create a realistic budget. Your attorney will likely ask you for this. Be sure to include details of all the current expenses you have, even infrequent ones like the orthodontist, HOA dues, and the like. Include rent or mortgage payments, insurance premiums, school costs, utilities, car payments, gas costs, car maintenance, food, etc.

Consult with a financial specialist who works in the area of divorce and projections on future outcomes of settlements. This can be extremely helpful as you work out a fair settlement. Keeping that expensive house may not be the best long term plan for you financially. Find out your options.

Finally, conduct surrounding the divorce proceedings will be taken into consideration if the family court feels it is of a significant enough nature and that disregarding it would lead to an unfair result. Any benefits to the parties as a result of the marriage, which will be lost upon divorce, are lastly given some thought, the most common example being pension rights.

Begin to consider your future employment options and goals. You may be entitled to alimony or spousal support, but begin thinking about a plan for how you will support yourself after this support ends. Consult a career counselor or coach for help on clarifying your strengths, talents, and what you will need to do to get you where you'd like to be. This is a great opportunity for self-exploration, and perhaps discovery of abilities you never knew you could bring to the table.




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