Divorce is very upsetting, not only emotionally, but financially as well. Our clients are often very concerned about what the financial impact will be on them of the divorce, and wonder how they can survive financially once the divorce process is concluded. Often, there is a change in the financial environment from two incomes to only one. Most certainly, there will be two households to support now, instead of only one.
The process of preparing for life after divorce financially begins even before the divorce is filed. We meet with our clients and assist them in preparing a financial statement which lists their income, all their expenses, and the family assets. We immediately see how “short” our client’s income is to support the individual expenses. There is then negotiation about such items as alimony and child support, and a division of marital assets, to attempt to provide for the client’s needs as best as possible after divorce. In most circumstances, cash will necessarily be more strapped for both parties than it was during the marriage. During the marriage, cash flow was probably not a big issue, and the couple may not have spent much time evaluating what expenses were reasonable and making sure that no unnecessary expenses were incurred. However, after divorce it may be necessary to prepare and utilize an accurate budget. That budget will include a careful calculation of all the monthly expenses. That will asset in making sure that the individual “lives within her means.” Over time, financial circumstances do tend to improve. Financial discipline is a very helpful step in transitioning to a new economic environment after divorce.
The Towson divorce lawyers at Huesman, Jones and Miles are experienced in all areas of family law. We successfully help to prepare clients for the financial impact of divorce. Call our experienced lawyers at 443-589-0150 or contact us online.
