Divorce can be equated with more than just the end of a marriage; divorce can be equated with change. While the events and circumstances leading up to a couple in Louisiana divorcing can feel negative, a significant portion of the changes following a divorce are hugely positive. Ultimately, divorce provides individuals in Louisiana the ability make changes when they are in a marriage that they do not find fulfilling or functional. This can pave the way for a brighter future.
However, not all of these changes come easily, and some changes present challenges. The change to an individual’s financial picture following a divorce can be one of the most significant challenges. The vice president of a wealth management firm says of divorce, “Most people don’t realize the depths of what divorce can do when it comes to their finances. It is usually a matter of much more than a loss of salary or income.”
Following a divorce, an individual will have to shoulder most financial responsibilities with one income instead of two. There will also be tax ramifications, there will need to be an adjustment in retirement planning and there could be a host of other unanticipated changes. However, there are several measures in place that help to account for these changes.
For example, child support will help with the expenses associated with raising children following a divorce. Spousal support can also be available in some instances. An experienced family law attorney is invaluable in ensuring that an individual is able to embark on a new start in the best of circumstances. This means ensuring that all support payments are fairly and accurately ordered, that debts and assets are properly divided, and so much more. An experienced family law attorney can help navigate the challenges of a divorce so that an individual can focus on the positive changes and move forward.
Source: Los Angeles Times, “Five ways divorce will impact your finances,” Stuart Pfeifer, March 28, 2013
- Our firm has experience handling the various issues that come along with the dissolution of a marriage in Louisiana. For more information, please refer to our page on divorce.