Factors to Consider When Calculating Financial Support in Divorce
It’s no surprise that money can be a highly contested topic in divorce. No matter the family’s income, there are often disputes about how finances will be handled through the proceedings and after the divorce is finalized.
Types of Financial Support During Divorce
Not only are the marital assets divided in this process, but there are also times when additional financial payments need to be made going forward. Each situation is unique, which is why it’s wise to talk to an attorney to ensure your divorce and financial agreement are both fair and reasonable.
There are two main types of financial support that might be needed after divorce:
When children are involved in the family, then it’s important to ensure that these children are receiving the financial support necessary for home life, school, activities, and more. Child support aims to ensure that the child isn’t suffering at one parent’s house as they move back and forth between the two households.
Many factors can influence the amount of child support that is necessary. Since there isn’t a one-size-fits-all solution for child support, it’s critical that you seek legal assistance to ensure your children are being cared for and both parents are doing their parts based on the agreement.
The next type of financial obligation is spousal support, commonly known as alimony. The purpose of this payment is to ensure that each person is able to maintain the same standard of living after the divorce is finalized. Additionally, spousal support helps each person establish a stronger financial foundation after the marriage is finished.
The higher-earning spouse might need to pay alimony to support the lower-earning spouse’s income. But it’s crucial that the agreement is fair and reasonable. Alimony should never be required to the level that it hurts the payee’s financial situation. Neither spouse is entitled to it all.
Working Through the Logistics
Not only do you need to get into the numbers to determine the right amount of child support and spousal support that needs to be paid. It’s also essential to ensure that both partners are on the same page regarding when and how the financial payments will be made.
For example, you might want to set a due date each month and discuss how the transfer will occur. The parents often agree on one payment per month, and the transfer happens through a digital tool (such as Venmo).
Legal Support for Family Law
If you need help with the details of calculating financial support in divorce, then our team at Grey Legal Group is just a phone call away. We provide a variety of legal services to support your family, including support with financial agreements, child custody, and more.