Financial Well-Being During The Separation
If you and your spouse have parted ways and are thinking about divorce, now is the best time to lay some groundwork to ensure your financial future. You can make plans during the separation period that will carry over to your final decree. Additionally, you can help ensure that your financial needs are covered during separation. For some tips on how to do that, read on.
Child Support
If you and your spouse are the parents of a minor child, you should address child support as soon as you are not living together. Speak to a divorce lawyer about having the judge order one parent to pay child support. The party responsible is often the parent making the most income. The amount is based on the income of each parent, however. The child support ordered now will continue until the child reaches the age of majority in your state. However, many parents ask for support to continue through their child's college years.
Alimony
Spousal support, maintenance, or alimony can also be ordered during the separation period. In most cases, however, this form of alimony is known to be temporary. The amount ordered is based on the lifestyle of the parties, their income, and the paying party's ability to pay the ordered amount. The final divorce decree may or may not include alimony. If a party can show a need, permanent alimony may be ordered. However, rehabilitative alimony is far more common and is based on the accomplishment of certain milestones like graduating college or obtaining employment.
Limit Debt Responsibility
Some couples share credit cards and that can create problems once they separate. If you and your spouse have joint accounts of any kind, take steps to limit your liability. You don't want to be responsible for paying for your spouse's lifestyle after your separation, even only 50% of it. Talk to your divorce lawyer about how to deal with joint debts and assets. You can ask the judge to freeze your savings, retirement, and investment accounts. You can also ask the judge to issue a restraining order to prevent your spouse from selling assets, using joint credit cards, canceling health and auto insurance policies, and more.
Gain Access Now
The best time to gather financial information is now. In many cases, your access to online financial accounts could be lost. Make copies of recent statements, your most recent tax documents, deeds, titles, and more so you can easily get them.
To learn more, speak to a family law attorney to learn more about divorce and legal separation.
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