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Keys to making good decisions during divorce

On Behalf of | Sep 15, 2016 | Divorce |

Money has many different purposes and connotations. Some view it as the root of all evil (especially infidelity), while others see it as a means to an end. Universally, money can be seen as an important resource to help get from Point A to Point B, whether it be in life in general or from Dallas to San Antonio.

Because of how important money can be in a divorce (as well as in your post-divorce life) proceeding, appropriate planning is important. So if you are considering divorce and are unsure of how your financial picture may look after the split, consider the following:

Budgeting – What will you be able to afford as far as housing, transportation, and utilities, to name just a few expenses. Most divorcees have become accustomed to living on two incomes, but they don’t think about how far their own incomes will go. Having a budget will help answer many important logistical questions.

Temporary support – For those who have been living on a spouse’s income, or are not able to immediately support themselves, temporary support (whether it be spousal support or child support) must be considered. After all, bills still come (and need to be paid) even while the proceedings are going.

Medical insurance – Health coverage is also an important consideration. During the divorce process, courts may require the parties to keep the current health policies in place until a final decree is issued. Even after the split, it is important to understand what COBRA coverage would cost.

If you have additional questions about financial responsibilities during a divorce, an experienced family law attorney can help.