• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • ABOUT

The Fortunate Investor

Investing, Business, Saving, Debt, Money, Retirement, Taxes and Family Finances

  • Business
  • Invest Your Money
  • Save Money
  • Get Out of Debt
  • Make Money
  • Family & Money
  • Taxes
  • Retirement
    • Retirement Calculator
You are here: Home / Family / Key Financial Issues to Consider in a Divorce

Key Financial Issues to Consider in a Divorce

April 25, 2022 By Bobby | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

Key Financial Issues to Consider in a Divorce

Separating from your spouse can cause a range of issues, including financial ones. Money may feel like the least of your problems when you’re getting divorced but it’s important not to ignore it. Your finances can be affected significantly, from a lower-income to higher costs, and more. When you’re starting the process of getting divorced, it’s important to understand what could happen, what the law says, and how you can make sure you stay on your feet. There are several key financial issues you should consider during the divorce process. Here are some of the things you should be thinking about.

Debt

Debt can sometimes be a complicated issue to deal with in divorce, depending on where you live. It might be that any debt that you bought into the marriage remains yours alone. Debt that either of you took on during the marriage, even in only one name, could be split between you when dividing debt after separation. One thing to remember is that although there is often an assumption of how debt will be divided, you can usually still agree to something different. So if you want to split any marital debt in a way other than straight down the middle, it could be an option.

Alimony and Child Support

When there is an income disparity or you have children, two things that you might have to deal with are alimony and divorce. Alimony might be paid by the higher earner to the lower earner so that they can continue to live comfortably, especially if they might need time to look for work. Child support is often more related to who has primary care of the children but there might be issues to deal with if there is a big income disparity too. These things can be worked out between you without going to court if you want to.

Budgeting

Getting divorced can mean that your household income changes and your expenses change. You’re now a single-income household, plus you could be paying more for various things, from rent to child support. Budgeting to match your new household income and expenses is essential, allowing you to gain control of your financial situation as soon as possible. It might show you that it’s necessary to increase your income or make other financial changes so that you are able to manage your money more appropriately.

The Cost of Divorce

Don’t forget to consider the cost of divorce when separating from your spouse. It can get expensive, especially if it’s not a very amicable split. If you want to keep your costs down, aiming to work together with your spouse to agree to the terms of the divorce between you can help. This could be done with a lawyer or lawyers, or you might have a mediator who can help you to work out how you want to handle everything from finances to child custody.

Consider these top financial issues in your divorce if you want to ensure you can protect yourself as much as possible.

Primary Sidebar

Popular Articles

Real Estate Tycoon: 5 Must-Know Tips for Investing In Commercial Real Estate

Making Your Mark in Real Estate: Factors to Kickstart Your Investment Journey

Investing in real estate is like planting a seed that can grow into a sturdy oak tree over time. … Read More about Making Your Mark in Real Estate: Factors to Kickstart Your Investment Journey

Struggling to Grow Your Business Here Are 6 Simple SEO Tips for Your Small Business

Money-Savvy Tips To Drive Innovation For Your Small Business

Any successful small business relies on innovation. It can drive the organization forward, allowing … Read More about Money-Savvy Tips To Drive Innovation For Your Small Business

How To Make Sure You’re Compliant In Business

How To Make Sure You’re Compliant In Business

When you run a business, you’ll have a lot of rules and regulations to stick to, and sticking to … Read More about How To Make Sure You’re Compliant In Business

Tips for Dealing with Conflict in the Workplace: What You Need to Know

No one expects to be best friends with all of their coworkers, but at the same time, not getting … Read More about Tips for Dealing with Conflict in the Workplace: What You Need to Know

Final Checks To Carry Out Before A Safety Audit

Final Checks To Carry Out Before A Safety Audit

Keeping the people in your business safe and sound is one of the primary responsibilities you have … Read More about Final Checks To Carry Out Before A Safety Audit

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
YOUTUBE

Copyright © 2023 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service