Saying goodbye to your marriage is not easy – in theory or reality. There are pros to splitting up, one large plus being that you can embrace your independence again. But there are also plenty of cons, and most are financial. While the idea of life after divorce may be appealing, the logistics could litter that new road of yours with numerous potholes.
Check Your Lifestyle
You don’t have to be uber-wealthy to appreciate the financial perks of the life two adults can create for themselves and their family, whether that means an annual vacation or private school for the kids. With the end of your union, all assets must be divided – and that means that unless you have an incredible amount of money between you to maintain the usual way of life, the next several years (or decades) could become tight where lifestyle is concerned.
House Rich or House Poor?
If one of you opts to continue to live in the family home, the taxes, mortgage/rent, and other expenses are not going to change dramatically with the absence of one person. Paying the bills will now be the responsibility of the adult who lives in the home and that person alone. If they’re lucky they’ll have at least half of the money needed to afford the property. Making up the difference is insurmountable for many.
If you agree as a couple to sell the family home, you can move into different, more affordable properties, but making this decision can also turn into a negative money-wise. You can wait until the housing market is working in your favor, but selling at the wrong time could result in lost assets for both of you. It pays to work together through mediation and reasonable negotiation.
Can You Afford Double Living Costs?
If you pay both spousal support and child support, you contribute to two households, which means duplicate expenses and none of the income from your ex. In circumstances like this, it is important to work closely with your Michigan divorce lawyer and listen to their advice about things like lump sum spousal support, negotiating divorce terms, and ensuring that you are not left in debt because of your divorce choices.
When Money Doesn’t Come First
There are some marriages that sadly need to end because of abuse, addiction, or other unfortunate circumstances. In situations like this, most attorneys will do their best to get you out of the situation as soon as possible with as little financial damage possible, but in cases like this safety is key, especially when you have children.
Be open with your divorce lawyer about where things stand with your marriage, why you’re splitting up, the fears you have when it comes to money, and how to make a split work in your favor. Remember, your divorce attorney is on your side now and for your life after divorce. Taking your time with the help of an expert, whenever possible, is a smart choice so every decision from the moment you file for divorce is made thoughtfully and carefully.
Get support from an established family law attorney. Contact Michigan Divorce Help in Mt. Clemens to schedule a consultation.