First Financial Steps When Divorcing

With a family law and mediation practice located in Doylestown, PA, I see many couples working through the complexities of getting divorced.  Our goal is to help you walk through a divorce with negotiation and peace. Couples who choose to not wage a battle often have lower legal bills and also a better post-divorce relationship to use when co-parenting their children.

However, in the beginning of divorce, when emotions are running high, it is very important to take control and start to plan for your new future.  While getting over the initial shock can be difficult, starting to make a plan can help you settle the uncertain feelings you may be experiencing.

Finances are usually the first concern of many divorcing individuals and they come into my office with the questions:  “How much alimony am I going to have to pay?” “How much alimony will I receive?”  “How is child support determined?”  While I can theoretically answer these questions, it is much easier if we can look at your current financial situation.  Here are some ideas to get you started.  

Decide what you want to do with your home

We understand how hard it can be to decide to sell your home.  Your children, neighbors, and familiar surroundings are all tied to the house.  However, typically the marital home is tied to a mortgage, insurance, and other bills – and affording this on your post divorce budget may be unrealistic.   More than likely the house will be too big for your post divorce life and a significant financial burden for your future.

Create a post-divorce budget

Based on your current anticipated expenses, start to frame out how much money you are going to need to live.  Do not forget to make space for insurances (health, homeowners, car, life) as well as the standard cable, cell phone and power bills.  Take time to get actual quotes based on where you anticipate living.  

Evaluate your current employment situation

In many families one parent works part-time or a job closer to home with lower pay to take care of children.  When you divorce this might not be an option.  Also, if you receive health insurance benefits through your spouse those will terminate when you get divorced and you may want to make sure you can obtain coverage through your employer as soon as possible.

Divorce is a highly emotionally charged situation with substantial financial implications.  We know it is not easy and can help you walk peacefully through the process here in Bucks County, PA.