How Can Divorce Impact My Financial Situation?

For long-term marriages, divorces inevitably impact the financial health of the divorcing parties. On a basic level, the divorce decree with divide the marital assets, which may include real property, bank accounts, investment accounts, cars and pensions. Additionally, the court may impose a child or spousal support order requiring one party to support a child or the other divorced spouse.

On a secondary level, where the ex-husband and ex-wife were previously able to share common household expenses, now, as individuals, they have to pay for these expenses separately since the divorce will result in the creation of two households.