Preparing Your Finances For The Post-Divorce WorldBy Moskowitz Law Group, LLC |
Divorce is not only emotionally trying, but can also be financially difficult. Where one family is now two, there will be the need to support two households. In a tough economy it is hard to stretch your dollars, and in your post-divorce world it will become more important than ever to make sound financial decisions. If you are receiving child support, you should earmark those funds for the needs of your child, so their lives are as unchanged as possible. For cases where alimony is an issue it is critical to know how alimony works, which means learning the duration and amount rules in place for this type of support payment. Having a clear picture of your finances enables you to plan for your future and step into a post-divorce world with confidence.
An award of alimony will be made depending upon the length of the marriage, the need of the parties, and ability to pay. Other practical advice for money matters after a divorce includes doing things such as changing the beneficiary on your life insurance and retirement funds. You should also have your will reviewed for any changes to asset distribution, or for bequests made to your now ex-spouse.
The terms of your divorce decree will also play an important role in how your finances shape up after the marriage ends. Issues like property distribution must be handled with care, so that you receive your fair share of the marital estate. Likewise, you will want to be sure any debt is apportioned between you and your ex fairly and that the party ordered to pay debts do so in a timely fashion. Your credit could be impacted by your ex spouse’s failure to pay debts that are held in both of your names, because your creditors are not a party to your divorce and are not bound to look for payment from only one spouse. There are legal tools available to you to enforce the terms of your divorce, and you should take immediate action if your spouse is not following the rules. Your financial future and independence depend on you, and you are well within your rights to enforce the orders of the Court.