How to prepare for life after divorce
Following a divorce, many Missouri residents may be curious to learn of ways to adjust to their new financial situations. A divorce doesn’t always severe all ties between the spouses, especially when they have shared finances. Therefore, it can be useful to know some tips for adjusting to financial changes following a divorce.
First, for a person who did not work during the marriage, spousal support payments may be essential to establishing and maintaining a budget once the divorce is final. It is important to know that there is a trend toward abolishing lifetime alimony in many areas. Some experts recommend that ex-spouses budget and plan for the possibility that these payments may end. A person who is receiving temporary support should understand what changes are coming and what affect those changes may have on their budget. When a person goes through a property division in lieu of alimony, it is important to budget based on those assets.
One way to plan for a change or loss of support is a career. One expert recommends that alimony payments be treated as a subsidy to help finance finding a new job, rather than a source of primary income. The spouse can start seeking work immediately, rather than waiting until the support payments end. Some ways to help get work include talking to a career advisor, taking aptitude tests or using support to finance additional training or education.
A family law attorney may be able to help a lower-earning spouse negotiate an amount of support sufficient to meet necessary expenses until work can be found. If a spouse’s circumstances change after a support order is entered, an attorney may also be able to argue for a modification of support payments.
Source: Fox Business, “How to Financially Readjust for Post-Divorce Life“, Andrea Murad, August 02, 2013