Many people worry about going through a divorce because they think that they may end up being poor or without anything they need to support themselves. Realistically, most people don’t end up without anything, but there will be adjustments in how much income, as well as how many assets, they have.
A divorce can have a significant impact on your finances. If you were in a two-wage-earner household, you may find that you’re left with much less of an income than you had before. After splitting assets, you may also not have as large of a retirement or as many assets as you had previously.
That being said, you do have some options that could help you.
Your options for seeking more out of your divorce
The first thing to consider is if you will need additional financial support. If you aren’t going to have enough money to support yourself or to maintain the standard of living you’re used to, then it may be worth discussing spousal support (alimony). In some cases, it’s possible to have your spouse pay you monthly or in a lump sum, so you have more financial support as you get back to working or building up your own career.
Another option is to look into getting a larger share of your marital assets. You could ask for a larger proportion of your assets if you’re not able to afford new furniture, for example, or you may ask for a shared vehicles to avoid having a monthly payment.
Your financial situation may vary, but there are ways to minimize the divorce’s impact
Every divorce is different, so it’s not simple to say exactly what will or won’t happen to you. Your attorney will need to review your financial documents and take a look at what you and your spouse have to divide before being able to help you get what you need out of your divorce. Fortunately, most states do expect fair divisions of assets, so you should not end up with nothing and should have the ability to ask for support if you need it.
