Jump to Navigation

Finding financial health after a divorce

It should be no surprise to readers of this Arizona family law blog that ending a marriage and dividing a single home into two households can be expensive. A couple that shares a mortgage may find itself paying that mortgage and rent for one of the partners to live in a residence other than the marital home; to support that second address the individuals both must pay utilities, buy household goods and attend to many of the other costs that are needed for a person to live on their own.

While creating a sound property settlement pursuant to a divorce is an important part of protecting a person's post-marriage financial health there are many other ways that people can help themselves land on their feet in the wakes of their divorces. For example, divorced parties should cancel any credit cards that they share with their exes as they can become liable for the costs their ex-partners incur as joint holders of the accounts.

Additionally, divorcees should consider speaking with their estate planning professionals to ensure that their exes are removed from their wills and other estate planning devices. A person who fails to take such a step may inadvertently allow their former spouse to inherit from them through their unchanged estate plan.

Finally, divorced individuals should be vigilant about the accuracy of the payments that they receive from their exes for child support and spousal support. While not all divorces will result in the ordering of these ongoing forms of payment, those individuals who are on the receiving end of them should make sure that their exes do not fall behind on or stop making such payments to protect the financial health of themselves or their kids.

Consultation with legal professionals can be an important part of managing one's post-divorce life. In order to prepare one's self for the financial challenges of being single, readers may wish to discuss their concerns with their divorce attorneys.

Source: forbes.com, "A Check-List To Help You Manage Post-Divorce Finances," Jeff Landers, Feb. 12, 2018

No Comments

Leave a comment
Comment Information

Wilson-Goodman Law Group, PLLC is one of the East Valley's premiere litigation law firms.

Gilbert Office
538 South Gilbert Road, Suite 101
Gilbert, Arizona 85296
Phone: 480-359-1758
Fax: 480-503-9219
Map & Directions

Queen Creek Office
22035 South Ellsworth Road
Queen Creek, Arizona 85142
Phone: 800-409-2187
Fax: 480-686-9452
Map & Directions

Visit Our General Practice Website

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

FindLaw Network