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Thinking about the financial impact of a divorce

On Behalf of | Jan 7, 2021 | Divorce

When Tucson area residents are thinking about pursuing a divorce, they typically have quite a few issues on their minds. From property division and alimony, to – for those with minor children – child support and child custody, the impact of a divorce on a person’s life has the potential to be substantial. The financial impact of a divorce, however, should not be understated.

Financial impact of divorce

Most people know that their lives will probably change quite a bit during and in the immediate aftermath of a divorce. However, to understand the potential financial impact of a divorce, it is important to consider a number of factors. For starters, as a recent news article mentioned, some people are surprised at how much of an impact a divorce can have on their finances – they are caught “off-guard” in post-divorce life by financial difficulties. To try to avoid a shock reaction to how a divorce impacts your finances, information is key. It is important to do your best to get a good grasp on how, exactly, you will need to adjust in post-divorce life.

There could be tax implications to a divorce too, as the recent news article mentioned. Many people will likely go from a two-income household to a one-income household in post-divorce life, at least right after the divorce is over. That will likely impact your tax filing status.

Of course, it may be possible to do your best to limit the potentially negative financial impacts of a divorce by doing all you can to ensure that the property division aspect of the divorce is fair. At our law firm, we work with Tucson area residents who need the right information to make good decisions during a divorce case.