Are you thinking about divorce? There are many things to consider when deciding whether or not a divorce is the right step for you to take. The following are some of the bigger items that you should be considering before you file:
Where will you live and can you make the mortgage payment (rent)? Getting divorced means you are going to be living on your own. You need to think about how you are going to afford this. Will you keep the marital home? If so, will you be eligible to refinance? Or will you find a new place to live? If so, can you qualify for a mortgage of your own? If you own a home, is there equity in the house? If so, one of you may have to buy the other out of their interest. When you are thinking about divorce, you are also thinking about estate planning, we can help you there, as well.
Living alone may sound like heaven if you have been fighting with your spouse, but if you have children there are many considerations. Divorce means the children will be spending time in two homes. You may not see your children every day, in fact, you likely will not. Each parent will be entitled to some parenting time with the children and whether you have full custody or shared, there will be days when your kids are with the other parent. Also, you will be losing your free childcare. Often one spouse will watch the kids while the other completes chores or works. This will no longer be the situation and you need to find a new way to make it work. Always remember that your children are also thinking about divorce, be sure to be aware of their emotional needs, as well.
3. Retirement plans.
If you have secured a sizeable 401k at your job and feel secure about your retirement, considering divorce may upset your plans. You may have to share a portion of your 401K with your spouse. Plans to retire early may need to be put off. You will need to support your own household, even with alimony or child support, it can be tough.
While many divorces become messy and complicated affairs, sometimes a divorce can be achieved quite easily if the spouses are in agreement regarding all of the major issues (children, home ownership, etc.). If you decide you are ready for a divorce, the next step will be to determine what type of divorce suits your situation.
When you are thinking about divorce, fill out the form below for a free and confidential consultation.