Financially Preparing for Your Scottsdale Divorce

As Scottsdale divorce lawyers, we know that the decision to divorce is often an emotional one. Unfortunately, many people do not take practical considerations, such as post-divorce finances, into account. There are so many questions to deal with initially (Am I ready to divorce? What will happen with my kids? Who gets the house?) that it can be difficult to even think about finances, especially when you are unsure what your post-divorce situation will actually look like.

When you are getting divorced in Scottsdale, keep in mind that the overwhelming majority of women who go through a divorce see a drop of 30% or more in their standard of living. Men, too, can struggle after a divorce. Losing the other spouse's income, working fewer hours to take care of children, or the extra expenses required to rent and transfer utilities into your name may mean serious financial problems and mountains of debt down the road.

If you are currently going through an Arizona divorce, start planning your finances now, and be aware that:

  • You may be eligible for spousal support and/or child support. 
  • You may need to pay for your own health insurance and/or obtain health insurance for your children.
  • You may be able to extend your health insurance coverage from an ex's plan via COBRA.
  • You may not realistically be able to afford to keep the house on your own.
  • Any debt you had before the marriage will likely remain yours.
  • You could be eligible to collect a portion of your spouse's Social Security pension. 
  • You and your children could qualify for survivor benefits if your spouse dies.

There are so many financial changes and questions that come with a divorce, and this is hardly an exhaustive list. So much of this can be up in the air during your divorce proceedings, but it is wise to immediately begin taking steps to stock back emergency cash and plan for your newly-single living expenses.

Feeling overwhelmed? Your Phoenix family law attorneys have the answers to your divorce questions and are ready to address your concerns. Give us a call today at 1-888-929-5292 to schedule a completely free, no-pressure legal consultation with one of our friendly Phoenix divorce lawyers. Also, request your FREE copy of our book for families: Arizona Family Law - How to Handle Tough Issues in Tough Times.