Financial challenges that are associated with divorce

On Behalf of | Jul 26, 2019 | Divorce

Going through a divorce has the potential to impact your life in many ways, both positively and negatively. One of the ways that divorce can impact you is from a financial perspective. This is in part because so many changes will take place in your life that will potentially impact your assets and bank balance.

For example, if you no longer have full custody of your children, you may be subject to lower expenses relating to your dependents. However, you will possibly also be ordered to pay child support, which may also impact your cash flow. There are also other significant things to consider such as alimony and asset division. The following are some financial challenges that you may face in a typical divorce.

The cost of a divorce filing

You should never underestimate the impact that a costly divorce can have on your finances. Divorces can be relatively inexpensive if it is collaborative, but if spouses disagree and want to dispute issues in court, the process can become extremely expensive.

Keeping the family home

Many divorcing spouses want to keep the family home. While this may seem like a good idea, it may wreak havoc on your finances. Adjusting your mortgage and paying for all home maintenance on one income should never be taken lightly.

Managing life with one income

If you are accustomed to two incomes and now have to live life on one income, this can mean that you will have to alter your lifestyle. However, alimony orders may be able to make the transition easier for you.

If you are going through a divorce in Oregon, it is important that you ensure that you get the best possible result for you.