How Divorce Will Affect Your Finances
One of the biggest questions our clients have when they’re preparing to get divorced is “How will my divorce affect me financially?” Unfortunately, divorce can have a serious impact on your finances, especially in situations where one spouse earns more money than the other.
For this reason, we have described the various ways you can expect your finances to be affected when your marriage dissolves below.
Dividing Your Property and Assets
As part of your divorce, you’ll need to divide your marital property and assets. Indiana is an equitable distribution state, so although both parties will be treated equally, it doesn’t mean your property will be divided down the middle.
If you hope to retain your shared home, vehicle, or other big-ticket items, you’ll need to try to work with your spouse to determine which spouse will keep which belongings.
If you are unable to work together to resolve these issues, the courts will step in and make these decisions for you. Your finances can come into play in these situations because your spouse might not have the funds necessary to replace certain items, purchase a new home, or finance a car.
Even if your marriage ended badly and things are not amicable between you and your spouse, it is truly in your best interests to work together. Otherwise, these important decisions will be taken out of your hands.
What You Need to Know About Spousal Support
The other biggest way your life can be financially impacted by a divorce is if you are obligated to pay alimony or are seeking financial support from your soon-to-be former spouse. In cases where one spouse earns significantly less than the other, there is a strong possibility that the higher-earning spouse will be compelled to pay alimony for a period of time.
If the lesser-earning spouse is mentally or physically incapable of providing for themselves, then alimony could be awarded permanently, whereas individuals who just need time to get on their feet could be awarded alimony in the interim.
Ultimately, the goal is for neither spouse to be struggling to make ends meet and for both spouses to be able to maintain the same lifestyle they lived as a married couple.
Divorces get messy far more often than they should. As with the division of your property and assets, if you can work with your spouse to come to an agreement about the payment of spousal support, you can be sure that you aren’t taken advantage of or made to pay more than is necessary.
Consult an Indiana Divorce Lawyer
When you want to ensure that your finances are protected after your marriage has dissolved, you need a highly trained Indiana divorce lawyer at Rowdy G. Williams Law Firm by your side.
We are pleased to offer divorcees a free case review where we can further discuss the details of your impending divorce. Just give our office a call at 812-232-7400 or fill out the brief online contact form located at the bottom of this page to schedule yours today.
