Divorcing the primary breadwinner can be a necessary but terrifying step for many, especially in today’s increasingly competitive and expensive economic landscape. While divorce can be financial and emotionally challenging for all involved parties, the primary breadwinner still gets to enjoy significantly more stability than the spouse who earns less or doesn’t work.
This can make the future seem harrowing, but there’s a few key steps one can take to help prepare for a post-divorce life after you’ve left your breadwinner spouse. Today’s post is a quick overview of things to account for as you prep for the upcoming divorce and ensuing financial landscape/obligations.
Know Your Rights When it Comes to Spousal Support
In CA, a spouse who isn’t the primary breadwinner may be entitled to spousal support for a determined period of time based on the length of the marriage. This is especially true when the spouse who earns less also has to account for childcare expenses.
While not guaranteed in all circumstances, many people are entitled to spousal support. This applies to both men and women. These payments can help create a sense of stability and serve as the springboard from which you can move on with your own life.
Catalogue Your Expenses and Create a Post-Divorce Budget
Make sure you have a full understanding of what your financial landscape will look like post-divorce. Tally up all your income and expenses based on your future plans. It also helps to make a budget with the assumption that spousal support won’t be part of the picture as it can help you plan for contingencies.
Be Mindful of Unexpected Divorce and Custody Expenses
Every divorce carries a different price tag depending on an array of factors. This also applies to custody-related expenses, including legal fees for custody proceedings, unexpected childcare costs, and more.
Talk to a Family Law Attorney Today
It may feel overwhelming to try and account for all of these things while you deal with the stress and emotional toll of your upcoming divorce.