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Personal Finance Advice - Dealing With the Major Financial Issues That Follow A Divorce

Other than the extreme emotional distress that can be brought on by a divorce probably the single most important issue that is associated with it are the finances. Not only will the expenses for the parting couple increase there will be a variety of money issues they will have to face after everything is said and done in court.

First off there will be the expense of the divorce. In most cases each party will choose to retain lawyers for their cases because the laws of divorce are so complicated and at many different levels too often it's just too much for the two to handle something like this on their own. They also generally feel it's the best way they can protect their interests and their rights. Other expenses will include filing fees, property appraisals if there is property being disputed over and other costs that may arise dealing with the legal issues of a divorce.

There could suddenly be a cash flow problem at least with one of the people involved in the divorce if not both of them. For instance one is going to need to find a new place to live and that will change the cash flow for that person. The other, maybe the wife didn't work while married will now have to find work in order to keep the cash flow coming in.

Usually through a marriage there will be assets that are gathered a long the way and these assets could be real estate, financial accounts and other kinds of personal property. In only about 10 states in the United States, they will regard the assets as community property which means all of the assets will be split evenly between the two parties.

The rest of the states will use what is commonly known as the equitable division. This standard is not as clear cut as the community property standard and it will dictate that the property be shared equally between the two parties only on a case by case basis. So it will depend upon the judge and the way the case is presented on both sides whether or not things will be divided evenly between the two.

When it comes to debt it is generally assumed that both parties benefited during the time they were accumulating the debt and that all debt should be shared equally. However there are exceptions to that rule. If it is discovered that one party was accumulating debt secretly then it will be the sole responsibility of that person for that particular debt.

When the financial facts are looked at there will be two different kinds of support issues that might come up. First and foremost of course will be child support if there are young children involved. And in some states there is what is considered maintenance or alimony.

The idea of the alimony is to help support the woman so that she can continue to live the same standard of life that she has been accustomed to. They will look at the income of the couple as well as the length of time they were married. After the judge has looked it over carefully they will then decide upon a certain amount as well as for a certain amount of time.

No matter which way you look at it, divorces are not only emotionally draining but they can drain the bank account of those involved.

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