Financial Changes After A Divorce
Divorce impacts many areas of a person’s life, including relationships with friends, family bonds, and finances. While you can’t plan for every change, there are steps you can take to fortify your financial future. For example, when you forecast a household budget that will allow you to thrive as a single adult, you can work with an Atlanta divorce attorney toward making those goals a reality.
Outstanding Debts and What You Need
A shift in household spending is felt by nearly every individual who goes through the divorce process. This is true for high-income couples and people who earn a low wage. For instance, a high earner may have rarely considered the impact of a luxury purchase, but if the household is bringing in half the amount, they will need to take a moment to consider if that is still possible. And a mother who is not working and relying on the income of her spouse will need to create a budget that incorporates monthly child support payments.
And household budgets are only one piece of the puzzle. If there are outstanding debts, how they will be handled needs to be prioritized. Some couples are able to use money from savings accounts to settle debts so they will not need to be distributed during a divorce. In other situations, one spouse will agree to the payments on one debt while the other takes on a different financial obligation.
Updating Legal Documents
Additionally, there are documents that need to be updated when a marriage ends. For one, you will need to assess and adjust your tax withholdings. If you have benefits through work, making an appointment with a human resources professional at your place of employment could be helpful. Not only will they be able to walk you through tax withholding changes, but they can also make adjustments to your health plan, if necessary. Then, if you are able to remove your spouse from your healthcare plan, you could experience a pay increase.
Connect with an Atlanta divorce attorney to receive guidance given the facts of your financial situation. Adapting to a new household budget and deciding to let go of a marital home can be difficult, but this is one of many paths that could lead to financial security. Every person is different so what is a priority for you may not be a priority for someone else. Once you share your story with your attorney a path forward can be determined. There are many options, even when it feels like you are not in control of the circumstances.
Are you unsure of what financial impact you will experience once your divorce is finalized? For guidance on what steps to take now and how to plan for the future, connect with the qualified attorneys at The Solomon Firm. Our legal team has the knowledge and resources you need to move forward with confidence. Even when it feels like you are in a corner, there are likely solutions you never considered. A lawyer can help. Contact us to schedule an appointment.