The Top Financial Fears of Divorce

 Posted on November 28, 2013 in Family Law

Money issues can cause a lot of fighting during any marriage. The stress that builds up when bank accounts are low can make your partner look like an enemy rather than an ally. This is the case especially if each spouse tries to manage their joint account differently. Some research suggests that arguments about money are a top predictor of the dissolution of marriage. But just as money issues can cause a divorce, there are money fears that are prevalent even through the divorce process.

One fear during a divorce is not getting what you deserve. Throughout marriage, each spouse plays a role in the accumulation of wealth. In some cases, that is simple assets like a house and a bank account. In some cases, the marital property is complex and its division can be the cause of fear. No one wants to be a sucker especially during a divorce. Make sure to talk to your divorce attorney to ensure that you uncover any hidden assets and set a fair value for your shared property.

Another fear that persists during a divorce is the fear of the unknown, specifically regarding the assets you will received after the divorce is finalized. The dread is that some assets are better to have like cash rather than equity in a house or even stock in a family business. A good way to alleviate your concerns is by speaking to a financial advisor who can explain what assets are more advantageous.

The last financial fear during a divorce is how it will affect your lifestyle once it is over. Their are certain things you can account for like spousal support, child support, your income and even investment assets. This can start to give you a picture of what your life will look like post divorce. Sit down and create a budget that you can follow once you are single again. If you have other questions or concerns, a legal professional can give you guidance. Contact an experienced divorce attorney in Saint Charles today to voice your fears.