The typical Colorado couple may expect their marriage to last a lifetime. But a quick glance at divorce statistics reveals this is not the case for many. In recent years, there’s been an increase in gray divorces (a term that refers to divorce after age 50). Such circumstances often unlock an entirely new set of challenges and complications, many of which involve finances and child support.
Did you give up career opportunities and set your college degrees on the back burner in order to raise children? Are you now worried about how you will maintain financial stability once your divorce is finalized? Feeling overwhelmed and anxious about money matters is quite normal during the divorce process. The good news is there are several ways to avoid financial problems in divorce and protect your future finances.
If you have been dependent upon your soon-to-be-former-spouse to pay the bills, you may be understandably concerned about life changes and making ends meet after finalizing your divorce. Keeping the following in mind has proved helpful for other women who have trod the path before you:
- Create a budget: Although there’s no way of telling what your actual financial needs or state will be after divorce, it’s definitely not too soon to think about a budget.
- Review tax laws: Colorado is an equitable distribution state, which means assets will be divided in a way the court deems fair. Asset division often includes various tax implications; so, it’s always best to research tax laws in order to project how a divorce might affect one’s tax-related expenses.
- Choose assets carefully: Since you’re a mom with children at home, you might be inclined (as many other women have been in the past) to agree to keep your house while your former spouse retains other financial assets.
Some have faced significant financial problems down the line after doing so. It’s often helpful to act alongside experienced guidance when making decisions regarding any assets.
In addition to the financial aspects of divorce, you may face a number of emotional struggles as well. Many women have found that by reaching out for support, they are better prepared to handle any challenge or obstacle that arises during proceedings.
You can insure your child support payments
Thinking ahead for any child support payments often helps avoid future financial problems. It’s good to remember that unexpected events may affect your support for better or for worse. For instance, a former spouse could become incapacitated or deceased, thereby bringing payments to a halt. Some women have protected their families by taking out insurance policies to backup child support payments. Such policies can ensure the person paying child support is also responsible for insurance premiums.
Although the road ahead can seem uncertain and questions may arise regarding divorce as it relates to a particular financial situation, there are many resources available to provide answers and skilled assistance. An experienced Colorado family law attorney is used to addressing both emotional and financial aspects of divorce and can help a concerned mother negotiate a settlement that secures financial stability and helps her and children take steps toward a happy, successful future.