Couples considering divorce typically understand that this process can take some time and may impact many areas of their lives. Couples who have a child, for example, will need to consider custody arrangements. Couples with large numbers of assets will need to determine how they will separate those. It’s important that couples who plan to separate understand that divorce also brings with it certain financial considerations that may impact the future of each person involved.
During a divorce, couples will typically separate and divide their assets. While this may seem straightforward, the truth is that this does not just involve physical assets. In addition to cars and homes, couples may also need to divide their savings accounts, retirement accounts and even debts. During this time, couples may be surprised to discover just how many personal assets they have that will need to be divided as evenly as possible.
When one party makes significantly more than the other or when the divorce will result in a financial hardship for one spouse, the higher-income party may be required to make alimony payments to the other person involved. Similarly, one party in the divorce may need to pay child support to the other person. Both alimony and child support payments are designed to ensure that the other people involved in the divorce continue to experience the same standard of living.
Individuals who are considering a divorce may wish to meet with a divorce attorney to assist with financial planning. Separating can be challenging, but a lawyer may offer advice and insight into the divorce process. Financial guidance from an attorney may guide individuals through the process of dividing assets and determining child support or alimony payments.