Supporting one’s self financially after divorce can be challenging. There are a number of things to consider, from property division and support to income and lifestyle expenses. While those going through divorce may do their best to protect their personal finances, it can be difficult when also dealing with the emotional and legal side of the process. Taking a proactive approach to money can be helpful.
Dividing marital assets is a central aspect of divorce, but Louisiana couples cannot secure an equal distribution without understanding what those assets are worth. For example, one or both spouses might run a business, have an inheritance or own real estate. These and other assets must be accurately categorized as separate or marital property, with the marital property valued before couples try to decide who gets what. Otherwise, one spouse might end up with assets that are significantly more valuable than the other received.
Since life goes on after divorce, it is important to dig deep into one’s finances. But income is not always as straightforward as some might think, especially for those who were not in charge of the family expenses. Going through tax forms and returns can reveal taxable income streams, although this by itself might not show the whole story. A household might actually be operating at a net loss with more debt than income. This means that maintaining a lifestyle to which one has become accustomed might not be wholly possible.
Although it is true that divorce can negatively impact someone’s finances, this is usually only temporary. Careful forethought and action can also minimize the possibility of unintended consequences from decisions made during property division. It takes a significant commitment to ensure one’s financial security though, and some find that seeking guidance from an experienced Louisiana attorney can help.