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Planning for divorce and your financesFor most families, there never seems to be enough money to balance finances especially when one spouse spends too much on unnecessary items creating arguments surrounding marital money and family expenses. As a couple transitions into divorce, money concerns often intensify as the division of assets and liabilities begins.

When couples face divorce, they must take into consideration the already difficult issues of finances and in today’s world the even more challenges of the economy. The economy may present more financial challenges for divorcing couples when attempting to divide marital assets and liabilities.

Divorce creates additional expenses in order for each spouse to have a home of their own, in addition to the home, the usual monthly expenses such as electric, water, insurance, and monies needed to acquire this new home is also present. There is also a need to adequately furnish both homes since personal property will be divided including household furniture and appliances. The sale or division of the equity of the marital home in this economy may offer less financial income thus the couple has suffered economic loss. Seeking the advice of real estate professionals for the future anticipation of increase or decline of the housing market may be advisable to ensure that your home is placed on the market at prime time.

Historically, divorcing couples have often depended on their investments and other financial security for division of assets as well as a means to have additional income to sustain their lifestyle as this transition occurs. Due to the current economic crisis that has affected the housing market, investment returns, increase in the cost of living and other financial obstacles, many couples may not have the finances available to purchase a home or enjoy the same lifestyle that they were accustomed to while married and had two incomes.

Legal fees must be taken into the financial divorce consideration. They are a part of divorce and many may consider delaying divorce during this economic state. However, many also view that the stock market continues to decrease, housing markets still decline and unemployment concerns rise. Continuing to delay an acceptable agreement may be further detriment of your financial well-being. If assets are frozen and not to be released until the court allows, further financial concerns could be affected.

If a couple has children, their needs will increase as they transition homes and mature in the years ahead. Financial decisions must be considered concerning their welfare and everyday expenses associated. Economic crisis of the world and divorce do not anticipate the needs of children as they mature but parents will need to make wise decisions as to how maturational financial needs will be met.

During this time of economic upheaval in addition to financial divorce concerns, it may be wise to attempt to settle divorce issues out of court to reduce litigation fees and to maintain the value of your assets.

For assistance with these issues and any other issue concerning your divorce proposal, Divorce Tool Box is ready to assist. Visit our website at www.divorcetoolbox.comtoday.

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