When thinking about getting a divorce, there are many considerations. Most importantly, of course, should be your happiness and wellbeing. From there, you may think about possible grounds for divorce, as well as the practical elements of a divorce, ranging from with whom shared children will live, or what the financial implications of a divorce may be.
There is no doubt that getting divorced can be expensive. But in both the short- and long-term pictures, is getting divorced the financially responsible thing to do? It depends on your situation. Some considerations are listed below – a qualified Mesa divorce lawyer can assess your situation and provide you with answers that are specific to your case.
Are You Able to Support Yourself?
One of the biggest questions that you should ask yourself when you are considering the financial ramifications of a divorce is whether or not you are able to support yourself. If the answer is “yes,” then you probably don’t need to worry too much about how you’ll pay rent or mortgage, buy food, or otherwise maintain your quality of life. If the answer is “no,” then there is no doubt that getting a divorce may be more challenging from an economic perspective.
Will You Be Asked to Pay Alimony? Will You Receive Alimony?
Another consideration is whether or not alimony/spousal maintenance will be a part of your divorce settlement, and if so, whether you’ll be the one receiving it or paying it. Failing to think about an alimony obligation when calculating your post-divorce financial picture can be a big mistake; you may owe hundreds or thousands to your ex-spouse per month. On the same hand, if you are unable to support yourself and therefore are entitled to spousal maintenance, this may lighten your financial load in the future.
What Will the Tax Consequences Be?
One of the financial pitfalls of divorce is failing to think about the tax consequences of splitting up. For some individuals, the tax consequences will be positive – they’ll be moved into a lower income tax bracket, and therefore owe less each year. For others, however, divorcing will mean moving into a higher tax bracket, which can be a big hit financially. Also consider that different assets have different tax consequences.
How Much Will Divorce Cost?
Finally, another big consideration when thinking about divorce is how much the divorce will cost. How much a divorce costs depends on many things – two of the most significant are how much your lawyer charges and whether or not your divorce is contested or uncontested. If your divorce is uncontested, you won’t need to go to court, which can save significant amounts of time and money.
Meet with Our Mesa Divorce Lawyers Today
If you have more questions about the financial implications of getting a divorce, please schedule a consultation with our Mesa divorce lawyers at the office of Edwards & Petersen, PLC. Our attorneys are here to provide you with accurate answers and quality representation. You can reach us online or by phone to get started today.