It has been said that money is the root of all evil and while some may argue just the contrary, there is no question that money is the driving force behind many of the country’s divorce filings. Divorces occur due to many different factors, but one of the most common causes of divorce is a couples’ inability to handle financial issues which arise during the course of their marriage. Moreover, if a couple routinely disagrees over financial issues while they are “happily” married these disputes are often amplified once the divorce process has begun.
While most people believe that marriage is supposed to be about, a financial advisor with UBS, believes that divorce is all about money. Given that divorce can be such a difficult process, especially as it relates to division of the marital estate, it is important for couples to have a clear understanding of how divorce will affect their finances. Many individuals find that life post-divorce can be financially trying as they are forced to adopt a new economic lifestyle. That is why it is important to hire an experienced divorce lawyer who can help you strategize and plan for post-divorce life.
One of the biggest financial decisions a divorcing couple has to make is what to do with the marital home. Not only are many people financially invested in their home, but they also are emotionally invested and, as such do not want to part with their residence. However, in many cases neither party can continue to afford the cost associated with their home on a single income. That is why, while it may be a difficult decision to give your home up, it is often the best financial decision to make for a divorcing couple. Another harsh reality of divorce and a single income can be adjusting to a lower standard of living. Thus, it is imperative that anyone contemplating divorce have a solid understanding of their finances at the outset of the divorce process so that they can have a realistic idea of what life will be like post-divorce and so that they can make the necessary adjustments to ensure a prosperous financial future.
Post-divorce life can often be financially frustrating and difficult. However, understanding and accepting the possibility of financial change before it actually occurs can make a huge difference in a person’s ability to thrive after their divorce is finalized. At the Law Office of Iafrate & Salassa we are experienced in dealing with the financial issues a couple experiences if they are going through a divorce in Macomb County. We also understand how to assist you in making solid financial decisions that will ensure you are on stable ground at the conclusion of the divorce proceedings. Please contact us in Macomb County today at 586-263-1600 or click here to connect with us online.