In most cases, divorce is a difficult process for both sides of the fence. Whether you’re the wife or the husband, it’s important to have a clear plan for how to move forward. Read on to learn five of the most important financial tips to follow after your divorce. Then reach out to Kendall Gkikas & Mitchell at 909-482-1422 to set up your consultation with an experienced family law attorney.
- Take the time to understand the total cost of a divorce
- Accept that spousal support may be necessary
- A budget is going to be your best friend
- Be ready for the costs of having joint custody
- Don’t make impulsive decisions
Every single divorce case is different. Whether it involves individuals with high net worth or those who have nothing more than debt, there are bound to be complications. For example, if one spouse started a business during the marriage, or if there are significant assets involved, either obtained before or after the marriage. To find out more about your options in divorce, including litigation, mediation, and self-representation, reach out to Kendall Gkikas & Mitchell at 909-482-1422.
Gone are the days when the husband always – or nearly always – paid spousal support to his ex-wife. That said, it is sometimes granted. Of course, these days the wife could also owe the husband spousal support. It all depends on who made more money during the marriage and what each partner’s earning capacities are in the future. If you can’t agree on spousal support together, then a judge will consider all the facts and assign it as they see fit.
No matter what your situation is, you’re going to have a significantly different budget after the divorce. Remember that not only will you have all your divorce expenses, you’ll also have spousal support, alimony, etc. Then there are the personal expenses that often go up when a couple breaks up: Housing, utilities, car loans, health insurance, gym fees – it goes on and on.
It’s more common for divorced parents to get joint custody today than in previous years. Remember that this can cost money. You’ll need to have your child’s things at both homes, including clothes, toys, bedding, etc. If your child is splitting their time equally, then you’re likely not going to want to pack up their belongings and carry them from one house to another every time. Instead, you’ll want duplicates of the most important stuff – and that costs money.
A divorce is an emotionally draining time. Many people come out of the process feeling depressed and lonely, while others come out feel free and happy for the first time in years. Either way, avoid making impulsive decisions. Don’t get divorced and then turn around the next day and decide to relocate. Don’t make large investments. Let your life settle down before you make decisions that will affect your future.
Remember that hiring a good divorce attorney can more than pay for itself when you consider the better terms of your divorce. To learn more about the process and what you can expect, call Kendall Gkikas & Mitchell at 909-482-1422 to set up a consultation.
