Just as COVID seems to have improved, we have an increasing number of new worries. The war in Ukraine, inflation and supply shortages are affecting many of us emotionally and financially. In some cases, they are altering our personal choices including whether or not to divorce. That may seem strange, but many people react to uncertainty by trying to keep everything else the same.
Delaying divorce because of the economy, your personal finances or concerns about a war with Russia may feel like a rational financial decision since having less money and assets or anticipating a decrease in income may seem like a bad time to go through the process. However, in many cases, it won’t have much practical impact. When your assets are divided and spousal and child support are determined in divorce, they are based on percentages, not specific dollar amounts except where the income caps apply when support is calculated. You will receive a percentage of marital assets (usually, 50%), so it doesn’t matter whether your stocks are up or down at any given moment. Similarly, spousal and child support are calculated based on a fixed statutory formula regardless of how much you earn.
The most important issue in determining when or whether to divorce is your feelings about your spouse and marriage. If you love your spouse and feel that you may be able to work out your problems, then you should seek the guidance of a therapist or marriage counselor. Alternatively, if you don’t love your spouse or you have tried to resolve your issues and failed, then you should consider divorce. Don’t wait simply because you are worried about events you cannot control, particularly if you are having serious conflicts with your spouse. It’s best for all of you to move forward in your lives so as to create long-term stability rather than remain miserable in a disruptive and unstable environment because of a temporary change in finances.
If there are practical reasons why you are delaying divorce, make good use of this time to prepare. If you are considering separation or divorce or think that your spouse is, you should consult an experienced attorney to discuss your rights and understand what steps to take. You can gather financial documents and begin discussions with your spouse to resolve financial and custody issues before you file. These and other actions will help reduce the time and money spent on getting divorced.
Contact us to learn how we can assist you in achieving a positive outcome in your case.