Preparing for divorce can help reduce resulting financial struggles

April 17, 2013 (Press-News.org) Preparing for divorce can help reduce resulting financial struggles

Article provided by McWalter, Barron & Boisvert, LLP
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The emotional toll of a divorce can be one of the reasons that many couples try to make their relationships work. Eventually, the arguments start to increase, and it is no longer possible to continue. Instead of using this time to prepare for the divorce process, couples make a sudden decision, leaving both sides scrambling.

Financial troubles are often one of the main reasons that couples decide to get a divorce. What many couples fail to realize is that they need to prepare for the impact that a divorce will have on their livelihoods. This is a major change in a person's life, and entering into this process unprepared will lead to serious consequences.

When most couples are going through the property division process, they are concerned with finding a solution to what is generally a very time-consuming and highly-contested process. As the couple considers which spouse will receive certain assets and debts acquired during the marriage, they may fail to consider issues that could arise immediately after a divorce is final.

Some may depend upon their spouse for health insurance, and a divorce will likely require that this individual must find his or her own coverage. A recent study by the University of Michigan stated that approximately 115,000 women lose health insurance each year due to divorce, and over half of them become uninsured. The cost of insurance makes it difficult for many to afford this coverage due to the impact of a divorce on finances.

Many people do not know that post-divorce, he or she will have significantly less income than the individual did when married. If both spouses worked during the marriage, both would be making money that could be used to help provide for the household. Once the divorce is final, that income can decrease dramatically. These financial struggles may even lead some to file for bankruptcy in order to get back on their feet.

Certain spouses may be entitled to spousal support, but those awards are generally only temporary. They can use this time to find new employment opportunities or get the training they need to pursue a new career.

If you have questions about divorce, speak to a knowledgeable family law attorney about your situation. Each marriage is unique, and each spouse may have different concerns about what is most important. Preparing yourself for the process can help you to understand the decisions that you will need to make. While divorce can be an emotionally difficult time, having someone on your side can help you find an agreement that is in your best interests.