Among the common issues that divorcing couples argue about is how to divide marital assets and how to split financial responsibilities. Finances are important for a divorced spouse because a newly single person may only have one income to rely upon after the divorce is final. Understanding the process can prepare anyone going through a divorce for the financial and emotional effects involved.
One key element to think about early on is child support and alimony. Most experts suggest that soon-to-be ex-spouses prepare all financial documents and disclose all assets before the divorce process begins. In this, as in most aspects of life, honesty is critical because courts consider several factors, such as income, a spouse’s employability and the lifestyles of both spouses, before determining who will receive or pay and what the support amount will be. Anyone who fails to disclose all assets could be in serious legal trouble later. Some couples are wise enough to consider that their marriage could end badly and sign a prenuptial agreement that covers the issue of alimony.
Divorce is a significant turning point in a person’s life. Keeping emotions in check is difficult, but doing so will only make the process easier. Being caught up in emotion can lead a person to make decisions that are not in their best interests.
Spousal support is important because it helps an ex-spouse make ends meet, especially if a child is involved. If an ex-spouse feels that the spousal support is inadequate or too much, then a support-modification process can be followed.
Source: The Huffington Post, “Divorce Confidential: Asking the Right Questions in a Divorce,” Caroline Choi, Dec. 4, 2013