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How Much Can a Divorce Really Cost You?

Posted on October 12, 2020 by Allen Brown

No one goes into a marriage expecting that one day they will get divorced but, unfortunately, with divorce rates always rising, that is a real possibility these days. The ending of a marriage is always a sad event as it is the closing of a major chapter of your life. 

As one chapter closes, however, another opens, and a divorce can be the opportunity for a fresh, new start. New freedom and new possibilities for relationships and experiences can all come from the ashes of a divorce. In order to experience this green grass on the other side, however, it is important to get a favorable outcome when it comes to the divorce settlement. In this article, we will explore how much a divorce can really cost you, and what you can do to get the best possible outcome.

1. Child Considerations

In any divorce proceeding, the most important consideration is the welfare and happiness of any children that you share with your ex-partner. The experts at Michael Ephraim Law Office explain that this is going to be the single biggest factor that will determine the financial outcome of a divorce. The custody arrangements for the children will proceed all else, and only after that has been determined will the court decide who gets what and who, if anyone, has to pay child support. Custody does not automatically go to the party who is more financially stable, but that party will certainly be expected to pay support if they do not get custody.

2. Assets

Once the custody of the children has been decided, the next thing the court will look at is any assets. One of the main benefits of getting married is that it usually simplifies your assets as most couples tend to earn, save, and spend as a team. In this case, it can be relatively simple to just split any material assets straight down the middle; this can include a home, car, monetary savings, and any investments that you might have. Where it can become messier is if one party has worked whilst the other has not, and so they will maintain that it was their money which paid for everything. 

3. Future Assets

Especially when there are children involved, or in cases where the court believes that your career success was in part due to your spouse’s support, they may decide that you owe some future assets and earnings to help support your ex-partner. This is because the court judges that they sacrificed their own future and earning potential to allow you to excel in yours. It is important to have an experienced divorce lawyer Barrington to argue your case to minimize the potential future assets which you have to give up.

 

Divorce is rarely a time for celebration, but it can be the start of a new and happy life. While it is unfortunate, it is a fact that more and more marriages are ending these days. With this, however, there are more and more people who are going on to live happier “second” lives. Make sure to hire a quality divorce attorney and cover all your bases to ensure that you have a divorce that will leave you with a bright future.

 



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