When you realize your marriage is coming to an end, there are many different options to consider. Some may fulfill your emotional needs, while others may fulfill your financial needs. Above all, you want to protect yourself from being taken advantage of in any way. You may want to consider the state of the economy. Getting divorced in a bad economy can impact your divorce in surprising ways. A Columbia, MO, divorce lawyer can help you plan for such a situation.
A divorce can often be unpredictable, especially when reaching a settlement. In certain cases, both spouses may end up losing a lot more than they expected to. When you consider spousal support, child support, asset division, and court costs, you could end up spending an exorbitant amount on your divorce. Ultimately, your reasons for pursuing a divorce are your own, but you should at least consider the financial consequences of your decision.
How Can the Economy Affect Your Divorce?
The economy has an impact on your financial security all the time, sometimes in ways you may be totally unaware of. Whether the economy is good or dire, it’s going to affect you somehow. In a divorce, a bad economy can affect not just the amount you may receive in a settlement but also the rate of divorce in the nation. Couples tend to fight about money, and a bad economy can convince some couples to end things before it gets worse.
Divorce may appear to be solely an emotional response to a troubled marriage, which it often is. Sometimes, it can also be a smart financial decision that must be done to protect yourself and your financial security. Don’t forget that many divorces are contested and have to go through substantial litigation to finalize. The court considers both spouses’ income, their financial security, and employment status when deciding on alimony and child custody, among other matters.
A bad economy may even convince some couples to delay a divorce, simply to avoid the significant expense of litigation. Some couples may find their marriage in trouble because of a recent job loss or income reduction due to economic hardship. If they need to sell the marital home as part of the settlement, they may find that hard to do in a bad economy, or they may have to accept a much lower value.
Advantages of Divorcing in Economic Hardship
While there are many negative aspects of divorcing in a bad economy, there are multiple advantages to doing so. Depending on the circumstances of your divorce, you may end up receiving certain unforeseen benefits to ending your marriage during economic hardship. If you decide to move forward with a divorce in a bad economy and are ordered to pay alimony or child support, you may have significantly lower payments due to a recent pay cut or job loss.
Another potential benefit to divorcing in a bad economy is a stronger motivation to settle. If the economy has negatively impacted one or both spouses’ financial situation, there may be a greater motivation to end the divorce quickly and accept whatever they can get to avoid the costs of a longer divorce process. This might lead to more mutually beneficial settlement agreements and the higher chance of an uncontested divorce. Desperation may lead directly to compromise.
FAQs
Q: How Can You Tell That You’re in a Bad Economy?
A: There are multiple signs that you are currently dealing with a bad economy. If you pay attention to economic trends, they may seem obvious. If you don’t, there are several things you can look out for. They include a sudden rise in unemployment rates, a dip in the stock market, lower housing prices, a steep increase in inflation, and a sudden decrease in consumer spending. When economic hardship is on the rise, you can see indications happening all around you.
Q: Is a Divorce Really Worth It?
A: That depends entirely on you. Everyone gets divorced for their own reasons. Some marriages can’t survive infidelity, while others need financial honesty to flourish. Some couples are just unhappy and need a change. Only you can determine if seeking a divorce is ultimately worth the cost. You must do what’s right by you. Examine your needs, and do what you feel is right. You may want to speak with a divorce lawyer to weigh your options.
Q: Should I Separate My Finances?
A: Yes, you should absolutely separate your finances from your spouse’s as soon as you realize you want a divorce. The longer you wait to separate your finances, the harder it can be to do so. The last thing you want is a vengeful spouse draining your bank account just so you can’t access your own money. Close any joint accounts, open a new one in your name only, and divide any existing debt between yourselves.
Q: Should I Tell People About My Divorce?
A: That’s your decision to make. If you want people to know that you are getting divorced, feel free to let them know. If you want to keep it to yourself for the time being, that’s a valid choice as well. People are going to find out eventually, and you may want them to hear it from you first to control their perception.
You should never let other people pressure you into revealing information you’re uncomfortable sharing. Also, bear in mind that what you say could be used against you by your ex-spouse’s legal team.
Reach Out to an Experienced Divorce Lawyer Today
You may want a divorce as quickly as possible, but the current state of the economy is preventing you from pursuing it. You may be worried about the overall cost, or you might be concerned that you will end up with more financial commitments than you expected. It’s understandable to feel this way, but you should consider all your options before making any decisions. An experienced divorce lawyer can help you figure out a plan.
The legal team at Stange Law Firm can advise you on a course of action that’s right for you. Contact us to speak to a valued team member about how we can benefit your case.
