There rarely is a good time to get divorced. It is seldom a process that people yearn to participate in, but sometimes it is necessary.
With the local and national economies slow to recover, some couples may consider staying together for financial reasons rather than going forward with a Birmingham divorce. While that may be advantageous for a time, it can cause stress, regret and frustration that can build over time. Consulting with an experienced Birmingham Divorce Lawyer can help best determine your options.
Alabama's unemployment rate currently sits at 9.9 percent, according to the Alabama Department of Industrial Relations and it's an even higher 10.2 percent in Jefferson County. It's obvious that people are hurting and the government is making tough choices in having to lay off people to save money.
Being jobless may not seem like an ideal time to consider a divorce in Alabama. The prospects of going out on your own may seem terrifying, even if the stress of living at home has reached a fever pitch.
A recent article by Investopedia looks at five events that can affect the financial impact a divorce can have on each spouse:
An unstable real estate market: For renters, this isn't of much concern. But for those who own a house, a shaky real estate market can mean burning through equity in a house if you have to sell it.In a hot market, a quick sale can lead to a profit, though. The best solution may be if one spouse stays in the house while the other gets assets to make up for having to move out.
A shaky economy: In a shaky economy, having to find a place to rent, find a new job or purchase a new car can be even more difficult. Harder-to-obtain credit and scarce jobs are also a factor.
A damaged credit score: if you have a bad credit history, a divorce may only make it worse. A credit score will be needed to rent an apartment, interview and open a credit card in your name.
Having children under 18: With children involved, the whole process becomes much more difficult. Child custody in divorce on top of child support and other matters can be complex. A divorce near the time children go to college could be beneficial, though, since student aid plans require only the income of the custodial parent to determine eligibility for financial aid.
Receiving an inheritance: State laws vary in this area of splitting assets. In most cases, future assets can't be split among already divorced spouses.
These are all important issues that must be considered when planning a divorce in Alabama. Financially, a divorce can take quite a toll, on top of the emotional stress that typically goes along with the process.
Sometimes, mediation or a collaborative Birmingham divorce can be the most pain-free divorce options, but an attorney must be consulted in order to protect the spouse from undue hardships — from improperly filed paperwork or terms of the agreement that may not be advantageous.
Other times, however, litigation is needed in a contested divorce. Aggressive representation may be an essential component of those types of cases. Having a clear strategy in order to remain financially stable after the divorce is the primary goal of these types of cases.
The best and worst times (financially) to get divorced, by Angie Mohr, Investopedia