Financial Concerns During Divorce
It is not uncommon for many individuals to feel fearful and uneasy during a divorce, especially when it comes to financial security. This is particularly true for spouses who stayed home full-time to care for the children and household. If you are a financially dependent spouse, you may hesitate to consider divorce due to financial uncertainties, especially the fear of losing marital income to care for yourself and your children.
Seeking Legal Guidance
If you are considering divorce and feeling anxious about your financial situation, the first step is to contact an experienced family law attorney for a consultation. During the meeting, the Director of Client Services will gather information about you and your spouse to help guide you on your basic legal rights. You will also receive information about financial remedies that may be available to you, including:
- Child Support
- Alimony/Spousal Support
- Division of Marital Property
Understanding Child Support
Child support consists of funds paid monthly by the non-custodial parent to help provide for the couple’s minor children. It is determined by the court and follows a structured formula based on the needs of the children and the parents’ financial situation.
Spousal Support/Alimony
Spousal support, or alimony, is financial relief paid to a non-wage-earning or lower-wage-earning spouse. It can be awarded short-term, allowing the dependent spouse to receive education, training, or improve their career prospects to become self-sufficient. For longer marriages, long-term alimony may be available.
Division of Marital Property
The division of marital property involves distributing assets accumulated during the marriage, such as real estate, investments, retirement funds, and business interests. Your family law attorney can advise you on what other benefits you may be entitled to receive from your marriage.
Exploring Alternatives to Litigation
Aside from financial relief during and after divorce, you should also discuss alternatives to litigation with your lawyer. Litigation can be expensive, and both you and your spouse are often responsible for your own court costs and attorney’s fees. Alternatives such as mediation, negotiation, and collaboration are less costly and provide a less contentious approach, saving you money and reducing stress.
Taking Action to Secure Your Future
Rather than allowing fear to keep you in a bad marriage due to financial insecurities, meeting with a knowledgeable family law attorney can help you understand your rights and options. By obtaining information and exploring different paths to divorce, you can feel more secure about your financial situation before, during, and after the process.
Consult with a Qualified Family Law Attorney
If you are considering divorce and unsure about the financial consequences, consult a qualified family law attorney, like those at the DiPietro Family Law Group. With decades of experience handling all types of divorces in Northern Virginia and Washington, DC, they can help you through this difficult time. Contact us today for a consultation at (888) 530-4374.