Prepare for unexpected issues in a divorce

On Behalf of | Aug 22, 2019 | Divorce

Sometimes an Indiana couple has reached the point in their relationship that they can no longer stay married. When this happens, they will frequently want to get the divorce process over with as quickly as they can. It can be beneficial to move on and start a new life, but during the emotional upheaval of a divorce, it is easy to forget certain factors that can be problematic in its immediate aftermath. Being fully prepared takes careful thought, patience and legal advice.

In a divorce, there are issues that arise even if the couple is parting amicably. When the divorce is contentious, it is obviously more complicated. Factors that can also have an impact are children, a business, significant property and assets. People who address these concerns in the divorce are often stunned when they are still confronted with challenges. Federal income taxes can be higher than they were during the marriage. Filing as an individual reduces the benefits and deductions available and can be costlier. Spousal support will not come cheap. If it was a long marriage and the receiving former spouse was a homemaker, it should be expected that support must be paid. Still, the combination of supporting oneself and paying for living expenses while paying support to another person is expensive.

When there is a need or desire to alter the support agreement, it must be done through the courts. For those who are paying support without an end date or who face financial problems due to job loss, this can be hard. No longer sharing expenses can result in unexpected costs like a cellphone, insurance, rent and more. Those who essentially agree on their settlement will still face various costs.

Retirement plans will commonly be created with the couple’s needs in mind. If there is a 401(k) and investments, it might be necessary to divide them in the divorce settlement. Many couples have joint credit card accounts, bank accounts and investments. This needs to be split and addressed during the divorce. If there are balances on a credit card, mortgage or auto loan, then this could leave one spouse facing credit problems unless it is worked out in the divorce.

Divorce is rarely easy and even in cases in which the couple ended the relationship on good terms, there are considerations to address as the case moves forward to avoid difficulties later. Having legal guidance can help a person reach a fair and appropriate result even after the divorce is completed.

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