Many of the elements of a divorce are changeable. Because the process involves the lives of people and their children, the family law courts recognize that what works well for a couple with two children under the age of 10 may no longer work so well when they are in their late teens.
Child support amounts may vary as life changes and child custody arrangements, in some cases, may require modifications. However, one area where you need to be certain everything is done correctly the first time is your property division.
With the exception of a showing of actual fraud by your former spouse, courts are unlikely to reopen a property settlement. This means you need to have a complete picture of your marital assets and liabilities and an understanding of your yearly expenses.
By carefully reviewing your income and that of your spouse, and then calculating your expenses you can determine the amount resources available and what, if any, changes may be necessary in your lifestyle.
Because a divorce will create two households from the same pool of resources, you may be forced to reassess whether the family home you currently occupy will make sense after a divorce. Can you afford the mortgage payments if you can refinance it in your name? Will maintenance costs in the next few years produce an oppressive burden, and limit your children’s access to vacations or extracurricular sports?
The more detailed your “homework” on these issues, the better prepared you will be in creating a viable budget for your future and it will allow you to obtain an accurate property settlement from your divorce.Source: divorcemag.com, “Charting Your Living Expenses During Divorce,” Cathy Belmonte Newman, October 16, 2015
