Nobody ever expects their marriage to end in divorce. When you come to the unfortunate realization that there is no way forward for your marriage, there are many considerations you have to make. As strange as it may sound, one of those considerations may be the current state of the economy. Divorce can be expensive and cost you a great deal of money in the long term. You may want to speak with a Missouri divorce lawyer to explore your options.
What Does the Economy Have to Do With Divorce?
Some marriages do not end in divorce, and spouses may never have to consider the impact of the economy on their marriage at all. Other partners may see their marriage as more of a business decision than a lifelong commitment. In that mindset, divorce may equate more to losing a longtime business partner than a romantic one. Depending on the way you view your relationship and how comfortable you are with change, waiting for a good economy might be for you.
This may be a good strategy for some, but it ultimately depends on how you view your marriage and whether or not you see it as less romantic and more transactional. Everybody who gets divorced does so for different reasons, and to some, the shifting economy can be a strong factor in that decision. There are advantages and disadvantages alike to choosing to divorce in a good or bad economy.
Men and women alike may suffer a significant financial loss in a divorce, especially a contentious one. Many times, assets are divided, and alimony is paid out monthly. Additionally, a previously shared household income is reduced to a single household income, which can affect child custody arrangements and economic status. It is understandable to be reluctant to move forward with a divorce, which you know will impact your finances when the economy is bad.
Advantages of Divorcing in a Bad Economy
There is no standard for why people get divorced or when they choose to do so. Everyone has their own reasons and specific circumstances that will push them in the direction they feel they need to go. Choosing to get divorced amidst a bad economy does have some advantages:
- Less Financial Exposure: If you decide to proceed with a divorce in a bad economy, you may be able to take advantage of a possible pay cut or salary decrease you may have had. Since your income is currently lower, albeit temporarily, you may have to pay less in child support or alimony payments for the foreseeable future.
- Lower Lawyer Rates: In a poor economy, everyone suffers, including divorce lawyers. Certain firms may be willing to offer lower rates for a time.
Disadvantages of Divorcing in a Bad Economy
Choosing to get divorced in a bad economy also has its disadvantages, some of which can be enough to convince a couple to stay together until the economy starts to recover:
- Selling the Home: It may be very difficult for both partners to sell their marital home in a weak economy. People are often reluctant to purchase a house in a weak economy, so even if you get an offer, it may be significantly lower than what you’d hoped for.
- Losing Assets: Divorces can get expensive. In a weak economy, you may have to sell off some of your most precious assets just to afford the legal fees, especially if your job is in jeopardy due to economic strife.
FAQs
Q: Is a DIY Divorce Worth Pursuing?
A: A “do it yourself” or DIY divorce can be beneficial in the right situation. For example, if you and your spouse are divorcing amicably, there is little to consider in terms of assets, there are no children, and nobody is contesting anything. However, if anything is being contested or there are substantial assets, you should hire a divorce lawyer to oversee the process.
Q: Will It Benefit Me Financially to Get Divorced?
A: Everybody who gets divorced does so for reasons that are important to them. When you get divorced, you will have complete financial freedom once again. You can choose how much to save and how much to invest, and you could even pay less in taxes. Still, divorces are often very costly, and it can be more expensive to live on your own. You will need to decide if the financial benefits outweigh the drawbacks.
Q: When Should I Start Separating My Finances From My Spouse?
A: The sooner you start separating your finances from your spouse’s and untangling your financial lives, the easier the divorce process can be for you. It is recommended that you obtain a separate bank account, divide existing finances and debts, and sell the marital home if neither of you can afford it on your own. It is important that you don’t take your spouse’s name off of any financial assets or insurance without their knowledge.
Q: What Should I Tell People About My Divorce?
A: It’s entirely up to you what you tell people about your divorce. It is recommended that you be honest and transparent with your family and friends, as you are going to need their support through this emotional time. You may be reluctant to share certain personal information, and that’s okay. You don’t have to share anything you don’t want to. Don’t feel pressured to take advice from anyone if that advice doesn’t match your wishes or goals.
Reach Out to a Divorce Lawyer Today
Choosing whether or not to pursue a divorce is a very big decision and not one that should be made lightly. If economic strife is an important factor in your decision, you should seriously consider the current state of the economy before divorcing. The legal team at Stange Law Firm can help you weigh your options and develop a plan for your divorce. Contact us to speak with a team member about a consultation.
With our legal team on your side, you can feel confident that you are getting the legal support you need to succeed.
