Divorce can be a scary time. It is a huge upheaval in a person’s life. You will have to consider money, your kids and maybe a new place to live. As such, it is not uncommon for divorce proceedings to be underlined with a pervasive sense of fear or anxiety, especially regarding property and money. The good news is that the three big fears about the financial ramifications of divorce can be mitigated through a little work and planning.
The Three “Divorce Fears” and How to Deal With Them
Many divorcees worry that they are not getting their fair share of assets. The more assets a couple has, the scarier it can be, especially when there are homes, stock options and businesses to consider. This is why Colorado uses equitable division to split marital property. Your share may not be equal, but as long as all assets are discovered or disclosed, the courts will split them accordingly. A divorce attorney can help you ensure that you get your fair share.
- Another common fear is not knowing exactly which property you will get to keep. Maybe you want the house, but don’t have enough liquid assets to ensure that you will be able to keep it. The way to lessen this fear is to take inventory of your assets, and know which are liquid and which are not. Having $500,000 in cash is very different than having a $500,000 house, after all, and you want to be able to remain financially flexible after your divorce instead of being stuck with only illiquid assets.
- The other big fear can be simply summed up as fear of change. Will I have enough money left after spousal support (maintenance, alimony), child support, taxes and living expenses to survive and thrive? Will I need to sell the house and move somewhere else? How will the divorce affect my health insurance? These are big questions, and there are a lot of them. Speaking to a financial advisor can help you budget for your future and assuage these fears.
Get in Touch With an Experienced Divorce Attorney
Divorce is a big change, but there are people out there ready to help you. If you have any questions about your finances during and after divorce, bring them up with a divorce attorney.
Divorce Matters ”“ Denver Family Law Attorneys