What Are The Major Financial Challenges Faced In A Divorce Or After A Divorce?

Going through a divorce, or recently divorced, you will face many changes and challenges in your life.  One of those changes, will be a change in your financial status. 

Here are some of the major financial challenges you will face:

1. There is an old maxim: “It costs more to live separate than together.”  For the most part, this is true.  When couples divorce, they will both have to pay for their own living expenses, instead of sharing the cost of one residence.  In addition to paying for two residences (either in the form of a mortgage or rent), you will both have to pay for heating, water and possibly repairs for the two residences.  Your living expenses are typically your most expensive expense, and now you will have to pay for them on your own, instead of sharing them.
2. If there are children, one spouse will most likely be paying child support.  Although, while you were married, you paid for your children’s expenses, after a divorce, child support payments will now be required.  You will most likely see a decrease in your take-home pay.
3. Paying child support and paying for your child will increase your expenses.  In addition to paying for child support, when you have your child with you, you will have expenses to pay for your child.  This will most likely increase the amount of expenses you pay for your children.
4. On a long term basis, your retirement accounts will also be affected.  Most likely a portion of your retirement will be diverted to your ex-spouse.

Divorce causes many challenges, including financial challenges.  David Badanes, Esq. and the Badanes Law Office, P.C. can help you and will answer all your questions about the divorce process.  David Badanes and the Badanes Law Office, P.C. can be contacted at 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com.  The Badanes Law Office, P.C. has offices in Northport, Suffolk County and in Uniondale, Nassau County.

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