How To Manage The Financial Implications Of A Divorce
There’s no question that divorces are not only expensive, but you will be going from two incomes down to one. The Sarnacki Law Firm offers divorce and family law representation in Grand Rapids. Learn more about the financial implications of a divorce below, and get in touch for a consultation today!
1. Adjust Your Lifestyle
Inevitably, a divorce will result in a change in lifestyle. This won’t be easy, especially if you are used to your current expenditures. You may need to set a budget and decide where cuts will need to be made for your life after the divorce.
2. Fair Property Division
One of the more challenging aspects of a divorce is dividing up your shared assets and property. From stocks, bonds, and retirement funds to the house, cars, and pets, there are a lot of factors in play. You will most likely need a great attorney or mediator, such as Dave Sarnacki, to help.
3. Child Support
Child support will be a big factor if you have minor children. In the state of Michigan, the amount of child support is based on guidelines established by the Supreme Court. Child support is based primarily on the monthly net income of both parents and the time the child spends with each.
4. Spousal Support (Alimony)
Alimony in the State of Michigan is based on whether one spouse demonstrates a need and the other spouse can afford to pay. If the parties cannot agree, the judge will decide if support is warranted and, if so, how much and how long in Michigan divorces.
PARTNER WITH THE SARNACKI LAW FIRM IN GRAND RAPIDS TODAY
The key takeaway on how to manage the financial implications of a divorce is to know exactly how much income you will be receiving and then adjusting your expenses accordingly. This will take time, as all of this can change up until the time the divorce is finalized. Let the team at The Sarnacki Law Firm help. Call for a consultation today.
