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Planning financially for divorce

Divorce is usually a very emotional process that takes its toll on how you feel from day to day. While making sure that you are processing your feelings and healing emotionally is important, you must also think about practical factors such as how your financial situation might change after a divorce.

It has been estimated that on average, a 30 percent increase in income is required for a household to be able to maintain the same standard of living after a divorce. Therefore, as a person who is considering divorcing, it is in your interests to plan ahead financially before filing for divorce.

The division of property

If there is no prenuptial agreement in place, the division of property will ensue based on Michigan's equitable distribution laws. This means that you will be able to keep personal property that you acquired during the marriage, and everything considered shared property will be divided equally.

Child support and alimony

The most important factor, if you have children, is making sure that the children are supported financially after the divorce. Child support payments are calculated based on the incomes of each parent and the number of children that need to be provided for.

Alimony is completely different to child support, and this is intended to equalize the lifestyle change that one spouse might suffer from after a divorce. If one spouse was the sole breadwinner, it is likely that he or she will be ordered to pay alimony until the other spouse finds work.

If you are concerned about the financial aspects of divorce, it is important to make a strategy in advance.

Source: The Balance, "How to Deal with the Financial Impacts of Divorce," accessed March 15, 2018

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