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Dealing with the financial challenges of divorce

On Behalf of | Dec 4, 2019 | Divorce

When Arizona couples decide to end their marriage, they should take steps to protect themselves financially both during and after their divorce. Without proper preparations, people may experience serious financial problems afterwards.

When people get divorced after living in two-paycheck families, the sudden drop in income can be difficult to manage. Custodial parents may also have to bear much of the costs that are related to raising their children. If they have not thought about downsizing from where they live to less-expensive homes, they might also find that they are unable to afford paying their mortgages, homeowner’s insurance, and the maintenance and repair costs that are associated with their homes.

Before people file for divorce, they should collect all of their important financial documents, including income statements, copies of their most recent bills, account statements, tax returns, and others. They should save money in accounts that are only in their names to use to start their divorces and work to improve their credit scores. People should consider moving to a smaller home instead of trying to remain in homes that they can no longer afford. They will need to think about health insurance if they have received it through their spouses’ employment. People should try to close all joint accounts and work to figure out a post-divorce budget so that they can live within their means.

During their divorce, people can seek spousal support and child support to ease the financial strain that they might experience afterwards. The division of property might also help if they are completed fairly. People might want to consult with experienced family law attorneys before they file to get a better idea of how their divorces might impact them financially and the steps that they can take to protect themselves.