It may seem like the most challenging decision you’ll ever make was getting divorced in the first place, but the tough stuff doesn’t end there. You’ll find that there are many decisions to make during a divorce, most of which have to do with your (and your child’s) financial future. While it may be a painful process, it’s important to take care of yourself during a divorce. Find out which decisions may impact you the most.
Mediation vs. Court
If you and your spouse can work out the details of your divorce without lawyers, mediation is a less expensive option than going to court. When you and your spouse can’t agree on the details, you’ll need to lawyer up to get what you want. It’s far more expensive to go to divorce court, but the benefits may outweigh the costs.
Who Keeps the House?
One of the biggest assets you must deal with during your divorce case is the house. Perhaps it’s where your kids live and where you have lived for years. When you split with your spouse, someone must leave the house, or you might both choose to leave and sell the place. If you plan to find a new home, you’ll need to consider how you’ll handle a solo move since you’ll be on your own.
Child Custody and Support
Parents of children under the age of 18 (or who are still in high school) who do not have full custody of their children must pay child support. The amount is based on a percentage of their income. Divorced parents must decide who will have full custody and how visitation or partial custody rights will work through the details of the divorce.
Update Your Estate
Many people forget to update their estates after a divorce. Whether you have a living will, benefits through your work, or other capital that you don’t want your ex to receive, you need to make that clear in your documentation. Remove your spouse from your estate, and choose someone else as your beneficiary.
The major decisions to make during a divorce will impact the rest of your life. Don’t hesitate to fight for what you want. Consider what will be best for you and your kids going forward.
