If you’ve decided your marriage is over and you are ready to get a divorce, financial considerations are an important part of the steps you will take in moving forward. The decision to divorce is based on what is happening in your relationship and there may be no question that your life together is over and you need to move on. Being able to afford to do so can be a challenge.
It can be shocking to realize the impact a divorce is going to have on your financial life. While most people are prepared for the actual costs of the divorce procedure itself, it can be stunning to realize that you may not be able to afford life after the divorce. Staying in the marital home can be impossible, yet might seem absolutely necessary if you have children. If you feel like you can’t afford to get divorced, consider these options.
– First, talk to an attorney and a mediator. The actual divorce can be handled very inexpensively if you can mediate it or come to a fast settlement. The savings here may give you more options for your future.
– Ask your attorney to go over all of the choices available when it comes to the home, if that is the big expense that can’t be accommodated. There are a variety of choices you might not have considered (you could live in the home together, rent it, sell it, or take turns living there with the kids while having a small place elsewhere).
– Many people find that they need to borrow money, either from family or through a home equity, to get them through the financial shock of a divorce. This may not be in your plans, but it could offer you the assistance you need.
– Create a written budget for your post-divorce life. Compare it to your income (factoring in whatever is going to happen with child support and spousal maintenance). Often the actual budget is quite different from what you were imagining.
Call the Sampair Group for help with your divorce or family law case. We regularly represent clients in Mesa, Glendale, and Phoenix and are ready to provide the representation you need.