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The financial impact of Divorce

>> Apr 11, 2019

Apart from the devastating emotional effect that divorce has on the families, there are several financial effects too. Not just the separation process is complex, it has several other settlements to make, such as child possession, property division, and other financial settlements.

The divorce can cost you a lot, including legal fees, alimony payments, and certain tax consequences. These expenses may increase your problems further, so it's better to consult your family lawyer and be aware of all the possible financial impacts.
    The Obvious Legal Fees:
Despite your divorce being a peaceful act, which is rarely the case, the legal fees to settle the case is unavoidable. This varies significantly from state to state and the complexity of the case. This increases further as the two of you continue to disagree and argue for a longer period in the court. In the case where the relationship has deteriorated to such an extent that the spouse communicates only through attorneys, the overall fees add up quickly.

    Granting The Alimony:
The calculation of the alimony, (commonly known as spousal support) depends on various grounds. As an act of temporary measure to help your ex-spouse, it is generally offered to the less-advantaged one.

Among the determining factors, the marriage length plays a vital role. Most jurisdictions have rules which consider eligibility for alimony only if the marriage lasted for more than 10 years. The payable amount is also affected by several other factors which include the age of the spouse, their job status, how much they earn, the value of other assets they have, the nature of the dissolution, and the need for the alimony.

As per the experience of the family lawyers in Sydney, it totally depends on the circumstances and decided by the judge.

    Your Financial Obligation Towards Child Support:
This is one of the major aspects of divorce which you need to be aware of. The payments for the child support are calculated by the state which issued the divorce. There are numerous factors such as parents income, the number of children, and the terms of the custody agreements, which are considered before making a conclusion. Once the court orders you to pay for your child’s support, you are legally compelled to pay it on time. Although there can be amendments and adjustments as the needs of the child changes or situations varies, there is no escape to this.

    Property Division Can Be A Killer:
When it comes to dividing your assets, the states law plays a major role unless you have a prenuptial agreement. As per the community property states, a simple rule states that any property or asset acquired during the marriage belongs equally to both, and will be divided equally. But in other states, the court goes with “equitable” distribution. This type of distribution considers several variables while dividing the assets.

Before you consult any family lawyer, it is advisable to prepare a list of marital assets that the two of you owned and evaluate their value accordingly. This may include your house, vehicles, any retirement plans, stocks, bonds, mutual funds, bank accounts, tax refunds, loans to others, artworks and antiques, tools and collectibles, cash value life insurance policies, and much more. It's more like everything you had or acquired during the period of your marriage. Take your time to evaluate their values as you may not want to lose something precious.

    Debts and Liabilities:
Settlement of assets don’t just include what you will get, it also covers any joint debt or liabilities that you have, which needs to be paid equally. Any type of home loan, vehicle loan, or even education loan for your child will be considered under this.

The stress and problems that divorce brings forth make it an emotionally as well as financially challenging act. It's better to work on all the possible aspects before you file a case. To help you with this disturbing situation, consult some reputed family lawyer to avoid any further problems and settle the things in a better way.

Mahsa Curci serves as a Senior Associate at Pavuk Legal and looks after different areas of law, most commonly Litigation including Commercial, Personal Injury, and Medical Negligence,  Banking and Finance, wills and estates, Employment, Family and Immigration Law. Her involvement in a number of successful mediations gave her a good insight into the powers of dispute resolution.

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