Part One of this blog discussed the how the decisions you make will affect the family landscape. Today we look at the second question you must consider when contemplating divorce.
- How will our finances look after the divorce?
Just like a home is most people’s biggest asset, divorce is the single larges transaction of their lives. During a divorce, couple’s assets and debts must be listed and divided. Assets might include big-ticket items such as a house, retirement and bank accounts, jewelry, and collectibles. Further, all joint debt must be accounted for and split equitably.
Aside from property division, there could be lasting financial considerations also. If there are minor children involved (19 years old or younger in Nebraska), one of the spouses might be required to pay child support. In some unique cases, if one spouse does not work or needs an education to reenter the workforce, the couple will need to discuss the possibility of spousal support (alimony), if only for a short period of time. Couples with children will also want to think about college expenses, medical coverage, and more. It is far better to address these issues clearly, at the time of separation, than attempt to raise them many years down the road when circumstances have changed.
As we mentioned above, these questions may be more difficult to answer depending on your circumstances. That being said, Husker Law is here to help you navigate the process from start to finish, providing effective and efficient guidance along the way. What will your family look like after divorce, and how will your finances look after divorce? It’s up to you.