Use The Power Of Divorce With You And Your Child In Mind

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If you and your spouse are calling it quits, you'll quickly realize that many of the most important divorce issues revolve around children. There is a lot you can do to ensure that you are not left in dire financial straits after divorce by counting on your divorce lawyer, but you should also consider your child's future when making divorce plans. Read on and find out more.

Financial Knowledge is Power

Divorce often leaves at least one spouse, if not both, in poor financial condition. While some of the negative effects can be attributed to having to live separately it may also have to do with unequal incomes. Divorce, no matter what state you live in, seeks to equalize things as much as possible by either splitting things 50/50 or by making up for unequal incomes using assets. However, that can be a futile goal when one party fails to protect themselves against the inevitable financial strains of divorce. Rather than allowing the emotional fallout from divorce to take a financial toll, speak with your divorce lawyer about these ways to protect yourself if your spouse makes more money than you do.

• Ask your lawyer about seeking to have the judge order your spouse to pay your legal expenses.
• Make a list of all marital assets and consult with your divorce attorney about making wise choices.
• Ask for spousal support during the separation and for permanent support with the divorce decree.
• Execute a QDRO (qualified domestic relations order) that provides you with some of your spouse's retirement income.
• Expect a full and honest financial disclosure from your spouse and ask for a subpoena if necessary.

Cover Your Kids

Pay special attention to your children's future before it's too late. Acting now, while the divorce is still being decided, can help ensure that your children have the funds to attend college even after child support is long expired. Many parents are not aware that they can ask for help paying for college tuition and other associated educational costs. Speak to your divorce lawyer for help in determining how much you will need. In most cases, the amount needed depends on several factors:

• The degree plan (bachelor vs. masters and beyond).
• The career field (2-year plans vs. certificates etc.).
• Private or state school.
• The potential for your child to be offered scholarships and consideration for loans and grants.

Speak to your divorce lawyer to learn more about the importance of protecting you and your child's financial future. 

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15 March 2022