The end of your marriage will mark the beginning of various significant changes in a spouse’s life. One of the most common ways a person will see changes in his or her life is through finances. The financial ramifications of divorce are significant, and it is helpful for one to have a clear perspective on what to expect and how to preserve future financial interests. While the stakes are high, a strong financial future is possible.
Direct and long-term costs
There are various direct costs associated with divorce. This includes attorney fees, filing fees, the cost of separated living arrangements and more. After separation, one spouse may have to provide spousal or child support, even if the divorce is not final. There are immediate impacts on one’s budget, and quick adjustments are likely necessary.
There are also long-term financial impacts associated with divorce as well. These include potential tax impacts of any property division decisions made by the couple and the cost of living on one income. It is also important to consider adjustments in lifestyle, the cost of maintaining a separate home and more.
The importance of a strong property division settlement
One way to mitigate the negative financial impacts of a divorce is to seek beneficial and reasonable terms in a property division settlement. The terms of a divorce order will impact a spouse for years to come, and it is critical to negotiate from the perspective of seeking a strong future. When making these important decisions during a divorce, it may be helpful to work with an experienced family law attorney at every step.