Preparing for Divorce: What You Should Know
Getting a divorce can be emotionally challenging. If you are thinking about getting one, preparing yourself for the process ahead of time is essential. It’s also crucial to avoid criticizing your spouse in front of your kids. The negative comments can damage their self-esteem.
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The most significant issue facing a couple getting a divorce is where the children will live (physical custody) and with whom they will make important decisions about their lives (legal custody). Usually, one parent has primary biological control while the other has visitation rights. Whether you will have joint or sole legal custody, working out an agreement with your spouse is essential. It is also important to inventory your shared assets and close all accounts. There are countless stories of spiteful spouses draining their partner’s savings or checking accounts after a divorce. Work with a financial consultant and a divorce lawyer in San Diego to prevent this.
Parents are legally obligated to support their kids whether they divorce or stay together. The child support a parent must pay depends on state laws and various factors, including each party’s income. Child support is often given by the noncustodial parent to the custodial parent to cover expenditures such as housing, food, clothes, medical bills, daycare, and educational fees. Depending on the court’s order, it can also help cover extraordinary expenses like private school tuition, music lessons, or transportation bills. Both parties must usually submit tax returns, pay stubs, and completed financial disclosure statements to the court for review before the judge approves a child support agreement or order. Overnight stays with children are often considered when calculating support as well.
Establishing how much money you require to survive is crucial because divorce might be expensive. You may better understand your money and make practical future objectives with the aid of a financial expert. Opening new credit accounts in your name only and considering identity theft protection is also a good idea. There are many stories of angry ex-spouses draining their partner’s savings and checking accounts.
Unless you are in an abusive situation, staying home during a divorce is generally in your best interest. If you move out, your former spouse could claim a larger share of the assets during property distribution. It’s crucial to think about visiting arrangements if you have kids. Creating a custody calendar will minimize problems down the road. It includes taking turns on holidays and special occasions. Change passwords on your financial accounts, email, and social media. If your ex knows your passwords, they can access your personal information and finances. You should also invest in identity theft insurance. Avoid talking badly about your ex on social media, even if you are mad. It can ruin your court case and relationships with family, coworkers, and friends.
After a divorce, one ex-spouse pays the other money, known as spousal support or alimony, to maintain their standard of life. Payments for spousal support might be either temporary or ongoing. They can be paid monthly or in a lump sum. The amount of alimony awarded depends on how much the lower-earning spouse makes, the duration of the marriage, and other factors. Societal changes have led to a trend away from awarding permanent spousal support, instead favoring rehabilitative spousal support to allow the recipient’s former spouse to become self-supporting. However, longer-term marriages with significant earnings disparities may still result in a court ordering long-term spousal support.
Spousal support is taxable to both the payor and recipient. Payments can be enforced through wage garnishment, liens, and other legal means.