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Financial constraints of divorce

Financial constraints of divorce

Divorce can cause both emotional and financial strains. On the financial strain, you have to consider the expense of the divorce procedure itself, including the cost of hiring a lawyer, to the potential loss of your means of supporting yourself if you do not have a paying job.

Financial implications of divorce

1. Child Support

When a marriage ends, it doesn’t end your obligations to your child.  Even if you don’t get physical custody, you’re still required to contribute to the child’s future. This means paying for child support — something your divorce attorney in Marysville will talk to you about.

2. Alimony

In some divorce cases, one of the spouses will have to support their former partner at least until they get a stable job to keep their lifestyle.  Essentially, one spouse is paying money, while another is receiving it.  The paying spouse used to be able to deduct the amount from their federal tax.

With the tax plan overhaul, the alimony will not be deductible anymore, and the receiving party will not have to pay taxes for it.  This is said to “preserve more money overall,” which seems like a good thing for your ex-spouse.

It gives them more money to use for the financial needs of the household, including your children’s needs. 

Note that the computation of child custody and alimony are two different things and are dealt with separately by the court. Divorce in itself is a process with one expected result: the dissolution of a marriage.  A by-product of that, however, means possibly paying for child support and alimony.  Know what to expect.

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