Handling Money in the Event of Separation and Divorce

Divorce and separation can take a toll between spouses or partners on a social and emotional level for sure. But then there are the practical details regarding finances and money that need to be handled as efficiently and pragmatically as possible as well. Depending on if the split was amicable or not, those details can get really dicey really quickly.

There are the examples of spousal support, child support, untangling joint accounts, and figuring out who gets to keep what – all of them are in the realm of deciphering financial separation along with physical separation. Researching at least a little bit of each focus may help you either move through your own separation better or understand what other people are going through.

Spousal Support

Supporting your spouse after a divorce may mean different things. It could mean that you have to give them money while they look for somewhere else to live. It might be that they have certain bills that they are unable to pay for on their salary, so you have to figure out how to split up your income in a way that allows the current standard of living to continue as the separation proceeds. If you are hazy at all about how these details work, be sure to contact a specialist divorce lawyer to make sure contracts are taken into account accordingly.

Child Support

If you have children, then one of the most important things to get right is the amount of child support one parent owes the other. This arrangement has lots of different details surrounding the numbers, such as who gets primary custody, where the children are going to live, and if there are any outstanding debts concerning schools that the children are enrolled in or what programs they are part of.

Untangling Joint Accounts

Figuring out how to separate joint bank accounts is another important aspect of handling money as a divorce is commencing. Depending on how much money each party put in, there will have to be a reckoning as to how much each party can take out. And depending on who pays the bills or who has what debt, the equation can shift depending on need and availability.

Figuring Out Who Gets To Keep What

As far as who gets to keep quiet, there are a few big-ticket items that are always on the top of the list. First, who gets to keep the house? Second, who gets to keep the vehicles if they are concurrently owned? There is also the matter of jewelry, expensive furniture, or any other property that has a lot of value. If all of the adults in the divorce are responsible and accountable, the split usually ends up being equitable. But if anyone has an ax to grind, complications can arise quickly.

Please wait...

Your Daily Inspiration for Family Fun

You won’t get bored with our daily updates, we promise!