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Mark Abzug

Factors that impact your divorce-related finances

On Behalf of | Nov 23, 2018 | Property Division

Dividing marital assets can become a headache if there are many to split. Anyone who is facing this possibility needs to ensure that they are thinking about their current financial situation and how the various division options might affect their futures. It is easy to overestimate what you can handle when you are going through a divorce because you’re so accustomed to dual marital finances.

Before you sit down to divide property, you need to consider what is going to happen with support payments. If there is a good chance that you will have to pay child support or alimony, pencil these into your budget. This gives you an idea of what you can actually afford after those payments are made. Since they are usually made by an allotment out of your paycheck, you won’t ever see the money.

Now that you have an idea of what your monthly income is going to be, you can factor in regularly occurring payments like the rent or mortgage, car payment, insurance, food and utilities. After all the necessities are paid, you hopefully have some income left. This is the money that you have for everything else in your life, including expenses related to the assets you walk away with in the divorce settlement and any debts you are ordered to pay.

The initial months after the divorce might be challenging as you work to rebuild your life. Remember that this is only temporary. Eventually, your finances will probably even out and improve. As you divide property in the divorce, try to reduce the financial pull that you will have from the arrangement in the early months.