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Understanding financial expectations after divorce

On Behalf of | Dec 20, 2018 | Divorce |

Divorce will change your financial reality. Many people assume that life will stay the same, but it’s just not realistic in most cases. Even if you’re used to a lavish, high-class lifestyle and you have significant assets, they’ll be spread a bit thinner after divorce.

Some systems are set up to reduce this impact. For instance, you may deserve alimony or spousal support. You may get child support to help you raise the kids. However, don’t assume that everything will be exactly the same.

After all, even if the divorce gives you a perfectly even split with your spouse, right down to the last cent, you simply have more bills. During the marriage, you lived in one home with the kids, but now you both have a house. That second home comes with its own mortgage payments, insurance premiums, utilities bills and maintenance costs. You have to add all of these into your budget.

You may also see increased transportation costs as you and your ex share custody of the kids. You spend more time on the road dropping them off or picking them up. You may need to buy a new car to make it possible, and then you have a car loan, insurance costs, fuel costs and more.

Plus, the kids may need extra copies of certain items, such as clothes, toothbrushes, beds, toys and computers to have at both houses. This allows them to feel at home no matter who has custody, but it also means that someone has to buy them all of these additional items.

It is very important not to make the mistake of thinking divorce won’t change anything. Make sure you understand your legal options and the steps you should take, from creating a budget to fighting for the assets you deserve in court.

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