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How Will Divorce Affect Your Finances?

The concept of divorce can be as much taxing economically as it is emotionally.

There are estimates that post-divorce a substantial increase in income is needed in order to maintain the same standard of living.

Upon deciding to permanently separate, spouses must consider the financial implications this will have on their lifestyle in terms of affordability.

We’re highlighting a few of the most common areas where divorce impacts finances.

HOUSEHOLD

What used to be one household with both parties sharing responsibility becomes two separate households. Recent divorcees must now independently bear the full amount of mortgages or rent, utilities, and other services, and they add up very quickly. The financial welfare of the children, if there are any involved, take precedence, with child support as a factor. Depending on the circumstances, a spouse may be awarded maintenance to assist with preserving some degree of their former lifestyle.

LIFESTYLE

This area typically affects women and men, but may effect women more in some situations. Though the financial contribution scales have become slightly more balanced over the last few decades, parallel with the dramatic increase of women in the workforce, most women are still not the primary breadwinners in their household. Because of this, many women take a financial hit post-divorce.

A common case is women who were stay-at-home moms who must now re-enter the workforce. Also women who are now the primary caregivers to their children, and must adjust to more responsibility with fewer resources. Many women struggle financially post-divorce.

If you’re currently dealing with unfulfilled child support payments, you need the assistance of a trusted and experienced St. Louis family law attorney.

ASSETS

What if you were gifted a lake house by your parents during your marriage? Or the both of you invested in an income property together? Missouri is a dual property state meaning that assets are classified as either “marital” or “nonmarital” property. Upon making this distinction, the court can then divide marital property in such proportions as the court deems just after considering all relevant factors. Bear in mind, however, that the division does not have to be equal to be fair.

CONTACT A ST. LOUIS DIVORCE LAWYER TO HELP

If you are considering divorce or if you have been served with divorce papers, you will need an experienced St. Louis divorce lawyer on your side. At the Galmiche Law Firm, P.C., we work to help our clients pursue the best possible outcomes for their divorce and family law cases. To speak with someone on our team and get a free case evaluation, call (636) 552-4841 today.