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Tips for Navigating the Financial Impacts of Divorce


For many couples, divorce isn’t just the end of a marriage; it is also the end to financial stability. While divorce doesn’t always end in financial ruin, the costs and process of dividing up assets and debts can leave each party with significant money problems. It’s not uncommon for couples to leave their marriages with tremendous debt and injured credit scores. It can be surprising to find out that with a little planning and compromise, you and your ex could leave the marriage and protect everyone’s financial health.

  • Court Ordered Payments: Alimony and child support payments represent significant financial obligations for many divorcees. Postmarital sums are court determined payments assigned to a divorcee or minor child as a form of financial support. These payments represent a legal obligation, and as such, not paying them could lead to trouble. Alimony and child support payments are temporary obligations that are usually assigned not only an amount but also stipulations that outline the time frame of the support.
  • Premarital Debts and Assets: A prenuptial agreement can settle many of the financial issues that couples face during divorce proceedings in advance. When the financial responsibility of each party is determined before the marriage, it can help ensure neither party is unaware of their financial obligations. Issues of premarital debt and assets are a surprise for couples who haven’t done a good job of asking questions about their partner’s finances. When you marry someone, it’s important to ask smart questions about their debts, assets, and financial obligations. Once you are married, many of your financial interests will be combined.

4 Important Financial Actions to Take BEFORE Filing for Divorce

Married couples who are currently considering a divorce should begin preparing for the splitting of assets and debts.

  • Create separate checking and savings accounts
  • Cancel joint credit card account and refrain from creating any additional joint debts
  • Refrain from purchasing any real estate properties if possible
  • Update your will and life insurance beneficiaries as needed

4 Important Financial Actions to Take AFTER Your Divorce is Finalized

  • Remove your exes name from your assets, like your car, house, and retirement accounts
  • Check your credit report to ensure your ex is not incurring new joint debts
  • Update your medical directives, power of attorney, and individual insurance information
  • Apply for individual credit instruments to reestablish your personal credit

Not many people have amicable divorces, and most people consider their divorce a significant negative life experience. So, it’s important to take care of yourself both financially and physically. Your financial health can impact your physical health if you allow your money troubles to get out of hand. Once you know you are heading for divorce, it’s important to start working with a divorce attorney or financial advisor to help educate yourself on the right choices to protect your interests.

Timely and Considerate Legal Representation

If you’re having trouble finalizing your divorce or paying spousal or child support payments, you may need to seek a modification order. We understand how confusing legal requirements can be if you are unfamiliar with the law. The divorce and child custody lawyers at William Kirby Law are understanding and considerate attorneys. Call us at (215) 515-9901 to schedule a consultation.