Divorce Can Mean Hard Financial Times; Plan To Keep Yourself in the Black
The time you spend going through a divorce, along with the immediate aftermath, can be one of the most financially challenging periods of your life. Often, this difficulty comes when you are least able to deal with it, considering the emotional strains of divorce.
Yet, with a solid financial strategy and an experienced family law attorney, you can give yourself a sense of security and maintain a health standard of living.
Get the Most From Your Investment in Legal Representation
Now, don’t think that the money you spend on an attorney goes to waste; on the contrary, your divorce attorney can be one of the best investments you ever make. However, like other investments, your expenditures on legal representation need to be focused and well thought-out in order to bring a solid return.
This means hiring the right attorney, the first time around. Do your research: zero in on attorneys with expertise in your particular type of divorce. Not only will the best attorney for your individual circumstances give you better results, you will save the cost of having to switch lawyers in the midst of divorce proceedings – and thus paying your new lawyer for the time it takes to get up to speed on your case.
Making a wise investment in legal representation also means evaluating how you want your lawyer to focus his or her energy. Do you really need that nonessential item that is holding up negotiations on property division, or are your negative emotions about your ex-spouse clouding your judgment? Your attorney’s time with you is a valuable resource, and it should be dedicated to things that are truly important.
Structure Your Divorce to Provide For an Adequate Income Stream
Being on your own will mean paying your own living expenses like food, mortgage payments or rent, all without the income contributions provided by your former spouse. You need a plan to provide for these expenses that doesn’t involve maxing out your credit cards.
Your attorney will be able to help you come up with property division, spousal maintenance and child support goals to foster your desired post-divorce standard of living. But even while the divorce is ongoing, your attorney may be able to help you get interim spousal or child support payments that will see you through to a final settlement.
Should interim support not be granted, your attorney may still be able to advise you on other alternatives, such as short-term loans or a payment plan for legal fees. No matter how dire your immediate financial situation may seem, there are likely a number of options you haven’t even yet considered.
If you are worried about the financial aspects of your divorce, contact an experienced family law attorney – and once you have, do not be afraid to voice your financial concerns. The right attorney combined with open and honest communication is the surest path to the financial outcome you desire.
This post was written by Goranson Bain.