4 Financial Issues To Consider Before You Divorce

By Gerald A. Maggio, Esq.

divorce mediation attorneys in orange countyDespite the common perception that divorce is simply about the legal aspects, that is not the case. Going into a divorce involves a number of things, only one of which is legal.  How your divorce plays out will also depend on the procedure you opt to end your relation. In a litigated case, there are a number of legal aspects to take into account and legal aspects are often the most important. With other modes of divorce, such as an Orange County divorce mediation, the most important role is that of finances, i.e. money.

Whatever decision you make in your Orange County divorce mediation will affect the way you live life. To ensure that you don’t end up ruining your financial future, here is the low down on the 4 financial issues you need to take into account before going into a divorce.

1.     Are you able to make ends meet?

Most people are typically under the impression that divorce is a way to have more money at your disposal. That irrespective of it being an Orange County divorce mediation or litigation is not the case. If anything divorce creates an expense on you. Logically speaking, when you end up making one family life into two you are doubling the house rent, the utility bills and everything else. When you know the position you are financially in, you can make a better decision as to  what you should bargain for in your mediation.

2.     If you want to stay in the house, how much will staying cost you?

People, especially kids are emotionally attached to homes. When you and your spouse decide to call it quits using Orange County divorce mediation, either of you, whoever the kids stay with longer will want to keep the home. Yet, keeping the home since it has sentimental value can cost you financially. Before you let your emotions overpower you, think about how much the repairs and maintenance of the house would cost, how the mortgage payments would be made, etc.

3.     Is your job stable?

Especially when you are considering payments of spousal and child support, this factor needs to be considered. The days when you could keep your job for life have long gone. Now, you can be terminated for the slightest of reasons. So before you and your spouse go on to make an Orange County divorce mediation resolution about spousal and child support, think about the stability of your job.

4.     What will your divorce cost? And how much would it cost you to start a new life?

These are two financial aspects, but since they are interconnected they have to be talked about together. When you choose an Orange County divorce mediation you are freeing yourself from the costly divorce concept. Mediations are cheap and affordable. With that out of the way, knowing how much your new life will cost you should help you negotiate the financial capabilities you want to take out of the Orange County divorce mediation resolution.

To learn more about the divorce process in California and how mediation can help, please visit our page, “What is Divorce Mediation.”