How can divorce affect your finances?

| Dec 23, 2020 | Family Law |

If you’re going through a divorce in Wisconsin, you know that it doesn’t just take an emotional toll on your life. Filing for divorce can severely impact your finances to the point that you’re not sure how you can support yourself after the divorce is finalized. While it’s impossible to predict exactly how your finances will look after your divorce, you can prepare yourself by educating yourself on financial topics.

What are some financial challenges you can expect after a divorce?

If you don’t get custody of your kids, you might end up paying child support. Each state has its own method of calculating child support, so you may want to talk to your attorney if you’re looking for a close estimate. Typically, the judge will take your income and your former spouse’s income into consideration as well as the number of children you’ll be supporting.

You might also be on the hook for spousal support after your divorce. If your former spouse makes significantly less money than you do, you might be expected to pay spousal support for a set amount of time until they can support themselves. Your spousal support obligations usually end after a certain date.

In addition to these obligations, you might lose assets during your divorce that generated income. This could include business assets, investments, rental properties and more. You might not be able to keep all your assets, but an attorney may be able to help you keep some of your most valuable properties.

Do you need an attorney when you file for divorce?

Many people don’t realize that when they file for divorce, anything they say or do could be used against them in court by their former spouse. It’s important to hire an attorney so that you can protect yourself from the very beginning.