Financial Aspect of Divorce

The financial aspect of divorce is very complex and requires careful planning. This article will help you plan for your financial future after divorce. It will also help you understand the financial issues involved in divorce and how they affect you.

Before going into the financial issues of divorce, let's discuss some general guidelines that should be followed when filing for divorce.

1. If you are filing for divorce, it is best to do so as soon as possible. The longer you wait, the more complicated things get. In most states, there are certain deadlines that must be met. For example, if you file for divorce before the expiration of your marriage, you may not have to pay alimony or child support. However, if you wait until after the expiration of your marriage, then you will have to pay alimony or support, unless you are able to show that you are unable to pay.

2. You need to determine how much you can afford to pay in alimony or child support. This will depend upon several factors such as your income, your expenses, and your ability to pay. If you cannot afford to pay, you may need to apply for a reduction in alimony or child support based upon your income and expenses.

3. You may also need to seek modification of your child support obligation if your income has changed significantly. This could happen if you lose your job, become disabled, or retire. If you lose your job, you may be able to get unemployment insurance benefits. If you are disabled, you may qualify for social security disability benefits. If you retire, you may receive a pension or retirement benefits. If you are receiving these benefits, you may be able to reduce your child support obligation.

4. You may also want to consider modifying your alimony obligation if your income has decreased significantly. This could happen if your spouse remarries, you move out of the state, or you lose your job.

5. If you own any real estate, you should keep in mind that you may need to sell the property in order to pay off the mortgage. This is true even if you own the property free and clear.

6. If you own a business, you may need to sell the business in order to pay off the debts associated with the business. This includes the mortgage on the building, equipment, inventory, and other liabilities.

7. If you have a 401k, IRA, or other retirement plan, you may be able to roll over the funds into another retirement plan.

8. If you own any stock or bonds, you may want to sell them in order to pay off the debt associated with them.

9. You may also want to sell any vehicles you own.

10. You may also want to list your personal property for sale.

11. You may want to consult with an attorney who specializes in divorce finances.

12. You may also want to consult with an accountant who specializes in divorce finances. An accountant can assist you in determining how much money you have available to pay your bills and make your payments.

13. You may also want to hire an attorney who specializes in divorce finance.