If you find yourself dealing with a divorce, you may want to consider all your options, including how the current state of the economy may influence the outcome of your divorce should you go through with it. When you realize there is no way to save your marriage and divorce is the only remaining option for you, you may want to take a moment and consider the financial ramifications. An experienced St. Charles, MO, divorce lawyer can fill you in on your options.

How the Economy Can Influence Your Divorce

Many marriages stay intact for many happy years. In those cases, spouses never have to take into account how a bad economy can affect their divorce. Regrettably, many people don’t end up in happy marriages, and for them, divorce might be their only option to try to reclaim happiness in their own lives.

These people may have to rethink how they view their marriage. Viewing your marriage as more of a transactional business relationship than a romantic partnership might be important.

If you view your marriage with a business mindset rather than a romantic one, you may be able to equate your divorce more to a dissolving business partnership. If you are fairly comfortable with shaking things up in your life, especially when things start to feel stale, you may want to wait for a stronger economy so you don’t end up losing more money than you find acceptable if you decide to pursue a divorce. This strategy may not work for you.

People get divorced for all sorts of reasons. Some couples are unable to withstand one spouse’s infidelity. Some couples cannot agree on financial planning or how to spend money. Some spouses may find themselves in an abusive relationship and need an escape. For other couples, a constantly shifting economy can be a significant factor in deciding to leave a marriage. The financial strain of a divorce cannot be overstated.

The Financial Strain of a Divorce

Each spouse stands to potentially suffer quite a bit in a divorce, particularly if the divorce is contested. When assets are divided equitably, and one spouse finds themselves paying monthly spousal support or child support payments, you may find yourself with a lot less income. Don’t forget that a divorce splits the monthly household income in half if both spouses were contributing to household expenses.

Moving forward with a divorce, knowing you are about to lose a substantial amount in assets and income while the economy is in a poor state may not be the wisest move. You may want to speak with a financial planner or an experienced divorce lawyer to weigh your options moving forward.

Advantages of Divorcing in a Bad Economy

Everybody has their own reasons for pursuing a divorce, and it’s important to fully understand your own reasons before moving forward with one yourself. For some people, the state of the economy and what you stand to lose or gain may be enough to consider ending a marriage. Getting divorced in a bad economy does have its share of advantages, such as:

  • Lower rates. In a bad economy, even lawyers may have to adjust their rates. You could end up paying considerably less for your representation than you would in a normal economy.
  • Lower exposure. If you decide to move ahead with a divorce in a bad economy, your potential alimony or child support payments may be considerably lower if you have had to take a pay cut or a decrease in your salary.

FAQs

Q: What Are the Benefits of a DIY Divorce in Missouri?

A: If you and your spouse have agreed to pursue an uncontested divorce and work on dividing your lives together, you may want to pursue a do-it-yourself divorce. Dealing with your divorce on your own can be much cheaper than hiring lawyers to represent each spouse and dealing with everything through the court system. Regrettably, many divorces are not going to be that smooth, and this option may not even be on the table.

Q: Do the Pros Outweigh the Cons of a Divorce?

A: There is no easy way to answer this question. Everybody’s divorce is different, which means that everyone who wants to get divorced has a lot to consider. People get divorced for very personal reasons that are going to pertain to them, which means you need to consider for yourself how important it is to end your marriage. You need to consider the financial, personal, and societal repercussions and ultimately choose what to do for yourself.

Q: How Soon Should I Start Separating My Finances From My Spouse’s?

A: You should start separating your finances from your spouse’s as soon as you have decided to end the marriage. The sooner you can start untangling your financial life from your spouse’s, the easier things can proceed in court. After all, you want to make the divorce process as smooth as it can possibly be for you. You should consider opening a new bank account, splitting existing accounts evenly, and deciding who should be taking on certain debts.

Q: Should You Tell People About Your Divorce?

A: You don’t have to tell anyone about your divorce if you are not comfortable with it, though it is recommended that you be honest with close family and friends. They are going to find out eventually, anyway. It might be better to hear it from you directly. Don’t ever feel pressured to speak to anyone about your life if you aren’t comfortable talking about it.

Consider Speaking With an Experienced Lawyer

The current state of the economy has a lot of sway over how some people choose to live their lives. For some people, a bad economy may persuade or dissuade them from getting divorced. Then again, there are many different reasons people get divorced, with economic strife being just one of them. If you wish to consider options for divorce, you should speak with an experienced divorce lawyer as soon as you can.

The legal team at Stange Law Firm can help you determine your options and figure out a plan for your divorce that works for you. Contact us to speak with a team member and discuss your case.