There is no doubt that a divorce has the potential to drastically alter your life – physically, emotionally and financially. In fact, it is this last facet of your life – finances – that generally merits the most attention during dissolution of marriage proceedings whether you mean it to or not.
In light of this fact, today’s post – the second in a series – will briefly examine a few financial scenarios that are deserving of careful consideration if you are in the midst of a divorce.
Post continued …
Poor credit history: Unfortunately, a divorce can prove difficult for a former spouse with a poor credit score/history. While this may seem like a potentially minor inconvenience, consider that many landlords and/or prospective employers are now checking credit reports.
Furthermore, the spouse with a poor credit score/history may find it more difficult to secure a line of credit on their own – an absolute necessity in the post-divorce world.
Accordingly, financial experts recommend that those divorcing couples on fairly amicable terms consider postponing their divorce a few months until the affected spouse can partially repair/raise their credit score.
A family with children younger than 18: If a divorcing couple has younger children, matters become all the more complex. While they must take the time to reach an arrangement concerning child custody/visitation – often an emotionally draining experience – they must also reach an arrangement concerning child support.
In fact, regardless of whether the spouse is receiving child support or paying child support, financial adjustments will have to be made by both parties. Gone are the days when the spouses could rely on a dual income to cover all of their expenses.
Accordingly, experts recommend that newly divorced spouses sit down and create a new budget that accurately accounts for all of their new financial realities.
Stay tuned for more from our Ft. Worth family law blog …
To learn more about divorce, spousal support or property division, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal or financial advice.
MSNBC “Breaking up is hard to do because of the economy” Mar. 10, 2011