Dealing with finances during a divorce

| Aug 14, 2019 | divorce, Firm News

When a couple decides to divorce in Kentucky, both partners may be concerned about protecting their assets. Going from a shared to a single lifestyle can place a major strain on everyday finances. This may be exacerbated when there are higher levels of conflict during the divorce. While divorce is an emotional time, it’s important to remain as clear-headed as possible when negotiating financial settlements. This can help to protect a person’s future financial stability and well-being.

Divorce can often put a major dent in a retirement savings account, especially in the case of a long-term marriage. Since the majority of those savings could be divided in half, an ex may need a new financial plan to boost their future funds. After all, it’s more costly to fund two retirements than one. The process can also be very difficult for people who have worked in the home or raised children for most of their lives. While they will receive a divorce settlement and potentially spousal support, there is generally an expectation of a transition to the workplace moving forward. This can be challenging without updated skills and work experience.

It’s vital for divorcing spouses to make a budget for their future single lives, taking into account changed insurance, housing and other costs. It’s also critical to manage the cost of the divorce itself as it’s a major life event with associated costs and bills. When the process drags on, divorce becomes more expensive.

While divorce carries a heavy personal and emotional weight, the financial consequences of the end of a marriage can be the longest lasting. A family law attorney can provide advice and guidance on settling property division, spousal support and other key legal matters.