Bruce C. Zivley, Attorney at Law

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Understanding the practical impacts of your divorce settlement

Once you and your spouse have filed for divorce, you will either need to negotiate or litigate your final divorce settlement. Among the most potentially contentious issues you will likely have to navigate is your approach to property division. In most cases, you will end up with division of marital property that is fairly equitable, due to the fact that all states have laws which aim to ensure that spouses are treated fairly in matters of marital property, asset and debt division.

However, securing a fair and equitable settlement is not the same thing as navigating the practical impacts of what your settlement will entail. At the end of the day, you are likely moving from a dual-income household to a single-income household. That kind of financial transition can be very difficult for all who are affected by it. But even if you or your former spouse has been the sole breadwinner for some time, the transition from a two-person household to two single-person households is almost certainly going to be an expensive transition.

It is therefore vitally important that you speak with both your attorney and a financial planner if your divorce settlement is going to dramatically impact your finances. It may be a good idea to speak with these experts even if the financial impacts of your divorce settlement are few but significant in their own ways. Because ultimately, when your divorce settlement is handed down and finalized, you will need to fully understand the consequences of this document before you can adjust your finances and your life accordingly.

Source: The Huffington Post, “Divorce Doesn't Have to Mean Financial Confusion,” Amy Koko, Feb. 20, 2014

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