How going through a divorce affects your finances

Divorce can be debilitating for many couples because of the emotional distress that necessarily accompanies it. Moreover, personal finances take a hit. Family law professional Atty. Shane Kersh lists below important facts to keep in mind about your financial situation once you decide to go through with a divorce.

Firstly, have a clear idea of how you’d provide for your children after the papers are finalized. For example, most women who rely on their husbands as sole providers suffer more once the marriage is over. Even if you can acquire child support during the process, collecting payments from your ex-spouse can prove challenging. Make sure a financial system is in place to guarantee that child welfare is a priority.

With divorce comes the possibility of increased debt. For example, charges made by your former spouse on joint accounts may be left unchecked. Make sure that before committing to the process, you’ve handled and cleared most if not all debts related to leases, credit cards, installment loans for cars, home improvements, and business loans.

Divorce may force a change in lifestyle on you, as a drastic change in household income is its immediate effect. This, in turn, leads to less financial freedom. When going through divorce, immediately consider downgrading your luxuries as a form of financial preparation. Note that most people who pay for child support will have about 10 to 20 percent less money; if your income decreases significantly, you may have a harder time getting support orders modified, Shane Kersh adds.

Attorney Shane Kersh /a> is dedicated to helping people who are going through difficult times, especially in connection to issues arising from divorce, child support, mediation, CPS defense, order modification, and marital property in Texas. For more reads on family law, go to this page.