Divorce Settlements and the Long Term Financial Impact for Both Spouses
A divorce settlement needs to look at the short-term and long-term financial impacts. In the short term, what can the husband afford to pay in child support and or alimony? What are the monthly expenses (including taxes) for both spouses and the children? What amount of alimony does the wife need? In the long-term term, how can the wife maintain the standard of living she had during the marriage? Is this feasible? If not, how should she modify her spending habits to ensure her financial security? If she will return to work, how long will it take her to secure a decent job? Those returning to the work force need to restart their career not just get a job.
In my experience, if a client focuses on understanding the financial topics of their divorce, they will have confidence in what they need to move forward. Having this knowledge will empower the coupe to create a settlement that works for both of them and miminizes emotional strain and legal expenses. This is good news for the family and their bank account.