Divorce and Your Finances
Without question, one of the most challenging aspects of divorce is sorting out your divorce with your personal finances. You may be approaching a series of difficult decisions and equally difficult realities about your future finances. How will you provide for yourself and your kids with only one income? How will your property, retirement and savings accounts and possessions be divided with your spouse? Who will be responsible for debts? What about child support and spousal maintenance payments?
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The good news is, a divorce lawyer can start explaining to you how many personal finance issues may affect the outcome of your divorce proceedings. Your divorce lawyer will focus on crucial areas such as:
- How family courts may consider the present and future needs, as well as present and future earning capacity of each spouse, to determine spousal maintenance and child support;
- How your state defines its equitable distribution laws or common property laws for asset and debt division; and
- How a Qualified Domestic Relations Order (QDRO) may divide your retirement accounts-401(k)s, IRAs and pension plans-with your spouse.
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If these aspects of your divorce proceedings seem a bit complicated at first, don’t fret. Explore the pages on Total Divorce devoted to alimony/maintenance, property division and retirement accounts for a more in-depth discussion. You may also be interested in reading information about bankruptcy and divorce.
In any case, your divorce lawyer will provide further guidance on these important and often confusing divorce issues.
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