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Assessing the financial impact of divorce


The decision to file for divorce is huge. It doesn't matter if the marriage has lasted months or years, the end of a marriage is a big deal for most people. One of the main reasons for why divorce is such a big issue is because of the financial impact of a divorce on a Rhode Island resident's life.

A recent article took a look at how a divorce can impact a person's finances. Ironically, as the article noted, financial problems can actually be the cause of many divorces. However, it is possible to make a plan on how to address financial issues in the long-term after the divorce is complete.

For instance, in post-divorce life it will be important to take stock of what assets and liabilities are going to be present. Some Rhode Island residents who have gone through a divorce will receive alimony or child support, while others may have to pay these costs. Therefore, when a person is planning their post-divorce budgets, they should keep alimony and child support payments in mind. In addition, when it comes to marital debt, some people choose to split the debt load with their ex-spouse, prompting the need to make a plan for getting back "in the black" for accounting purposes.

A divorce can be a trying time for anyone, but the additional stress of financial uncertainty can be truly concerning for many people. As Rhode Island residents begin to plan for a divorce, then when they go through the process and come out the other side as newly single again, it is important to keep track of financial issues as they arise.

Source: wotv4women.com, "How to assess your finances post-divorce," Gail Saukas, March 15, 2017

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