There is a lot about divorce that catches some by surprise. People are frequently able to resolve matters through mediation, even though they might expect that their case would have to go litigation.Others may assume that one parent will get full custody when in reality, parents often share custody.
Financial obligations during the divorce process is another element that can catch people off guard.
Understand that although you are ending the marriage, the process takes time. And during that time, there are still financial responsibilities people need to meet and sometimes shared until a divorce is final.
- Temporary support – If you have children or if your partner requests post-separation support, you could be subject to temporary financial support orders. These orders typically expire on a specific date or when the courts award or deny a permanent order.
- Rent and utilities – Even if you plan to sell a marital home or you are staying elsewhere, it is crucial to keep up with rent, mortgage and utility payments for your property or risk financial consequences and damage to your credit score.
- Insurance for your soon-to-be ex – As noted in this article, you can expect to continue paying for your spouse’s car and health insurance until the divorce is final if you were doing so prior to separating. If you have coverage through your partner, that should continue until the divorce judgment is entered, but you should be reviewing and considering your own coverage plans for after the divorce.
- Extra child care – During a divorce, one or both parties may wind up working more or having additional obligations. When you share custody you may not be able to rely on the other parent to step in when you cannot be home with your kids. As such, you could see your child care expenses increase.
Knowing about these potential expenses in advance can help you prepare for them and make financial decisions accordingly. It can also give parties the motivation to seek faster resolutions to divorce-related matters rather than dragging out the process any longer than it needs to be.
Should you have any questions or concerns regarding financial responsibilities during divorce, you can discuss them with your attorney.