3 Financial Implications Of Divorce

23 July 2015
 Categories: Law, Blog

One of the things that might be stopping you from filing for divorce is the financial implications that might result from it. Getting divorced is a big event in life, and it does have consequences. Before you rush into it, you may want to consider these three financial implications you may have to deal with after the divorce is said and done.

Lack of income

The first thing to consider is how you will support yourself. If your spouse was the primary breadwinner of the family, you may need to get a full-time job in order to make ends meet. After a couple divorces, one family is split into two. The main result of this is two sets of bills instead of one.

If you do not have a degree or any special skills, it might be hard for you to find a job that pays enough for you to take care of yourself. Because of this, you may need to consider moving in with a family member until you can get the education you need or find a job that pays enough.

Debt to pay

Another financial implication you might have to deal with is debt. If you and your spouse had any debt, it will most likely get divided during the divorce. This means that you may end up with half of it. If you can barely support yourself on your own, trying to repay debt could make things much worse.

In this situation, you might have to consider using some type of debt solution, which could include bankruptcy. Bankruptcy can be helpful after a divorce, but it also has consequences.

Child support

If you end up with custody of your children, your expenses will automatically be higher than if you did not have custody. One financial benefit of having custody is that you may receive child support payments. The downside to this is that your ex may fail to pay them on time. If you are counting on this money to survive, it could turn out to be a problem if he or she doesn't make the necessary payments.

On the other hand, if you do not get custody of the kids, you might be the one forced to pay child support. This could make your financial situation even worse, but it is not something you can get out of.

In addition to having financial implications, divorces also have many other consequences. In many cases, getting divorced might be the only solution, though. If you would like to learn more about how divorce law in Calgary or another area would affect you, make an appointment with a divorce lawyer today.