Divorce and Your Finances: What You Need to Know in New Mexico

Marriage can provide a measure of financial security for some couples. Sharing housing expenses, food expenses, and other costs can protect both partners financially. But when couples decide to get divorced, individuals can find their financial plans changed.

Women, in particular, are at risk of financial instability after a divorce. Women more often stay at home to take care of children or support their spouse’s career, so when divorce occurs, women are more at risk of financial insecurity. If you’re considering getting divorced in Marietta Georgia, you’ll want to speak to a family law attorney. Zachary Law Group are family lawyers who can assist you if you need help planning your financial future, have questions about alimony, child support, or questions about dividing debt and assets during divorce.

According to Refinery 29, recent Census data shows that women earn less and are less likely to be able to afford living independently after divorce when compared to men.

As you plan for divorce, you’ll want to create a realistic budget about your single life. How will you pay for rent, food, transportation, and child care costs? Does your job cover these expenses? In some cases, you may be legally entitled to receive child support or alimony from your former spouse to help you get back on your feet.

Another thing to consider when getting divorced is what you and your ex will do about finances while you are separated, but not divorced. This time of limbo is very important to consider, because decisions you make can impact your financial health and the outcome of your divorce. According to U.S News and World Report, it is important to understand that you won’t have access to the same financial resources you did when married or together, so it’s best to plan for a more frugal lifestyle. It is also important to follow through on your current financial commitments. If you have debts, pay them. Finally, you’ll also want to seek the advice of a qualified family law attorney who can help you divide assets and debts in accordance with New Mexico law.

Getting divorced can be emotionally and financially trying, but you don’t have to go through the process alone. Planning financial matters with your ex as you separate can save you troubles later. Speaking to a Marietta divorce lawyer can ensure that you understand your rights and that your financial future is protected.  Zachary Law Group are  family law attorneys who can assist you if you have questions about getting divorced. For more information visit their website at https://zacharylawgroup.com/divorce/

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