Financial Issues Faced by Couples Seeking Divorce
It’s no secret that many people have been struggling with money for the last few years, and that includes divorcing couples. In fact, the financial situation has been bad enough to prevent many unhappy people from getting divorced because they simply could not afford it. The ones who did not let money problems stop them from divorcing have a few challenges to face.
Debt Is Common
According to some divorce lawyers, more couples than ever have lots of debt together. Many of them try to pay it off before they get divorced, but this can take years for those who have several credit cards with balances in the thousands of dollars. When you take into consideration the fact that many interest rates have risen compared to a decade ago, it’s no surprise that many couples have so much debt. Those who do not pay off the debt before the divorce have to split it between them, just as they share their assets.
Problems with the Marital Home
One issue is that owning property no longer automatically means you will have a nest egg because few people have any equity at this point. This means if you are facing divorce, what was once considered an asset may be thought of as a burden now. Getting the house during asset division is not as much a win as it used to be, unless of course you have equity.
At the same time, you cannot usually just sell the house and divide the profits unless you are willing to take a loss on it. For this reason, many couples these days have to continue living in the house together even after divorce. Some people can afford to move out and keep making payments on the house until they can sell it, but many simply do not have the income to support two separate households.
Employment Can Be Hard to Find
If you are a stay-at-home parent who has been out of work for years, you may find it necessary to re-enter the workforce just to pay your bills after divorce. Sadly, many recent graduates are having a hard time getting a job, so applicants who have not worked or gone to school in decades are going to have an even tougher time finding employment.
Gone are the days when you can simply decide to get a job and are suddenly employed mere months later. It might be more than a year before you can get a job in this economic climate, or you may have to go back to school to refresh your skills. Of course, this costs money, which many divorcing couples do not have.
If you are experiencing any of these financial difficulties as you seek divorce, it’s important to talk to a lawyer. At Brian D. Perskin & Associates P.C., we have seen countless cases involving people on tight budgets, and we can help you through the process. Call our firm today.