FAMILY LAW ARTICLES
If you’re the supporting spouse in a marriage, and you’re planning on ending that relationship, you’ll want to look for exit strategies. You’ll also want to start focusing on the financial issues you may have to address when you exit the marriage, as there can be payments involved. For example, if you have children, you’ll likely have to pay child support unless you have full custody of those children. You may also have to make alimony payments to your former spouse, depending on their finances.
How Child Support is Determined
Child support depends on two different things: the income you have and the amount of time the children are living with you. There’s a lot of pre-planning you can do with that, including getting your own place set up before exiting the marriage and setting up a shared custody agreement if your spouse is aware the marriage will end. Some marriages end much more civilly than others do. But the main thing you should be doing is focusing on the best options for your children.
When you set up an exit strategy that’s fair on child support, custody issues and takes your children carefully into account, it can be easier for everyone to adjust. Children need to know that they’re valued, and you want to make sure you have the best opportunities in court, as well. The more you’re paying attention to what your kids need, the more favorably you may be seen when your divorce case makes its way to the judge. Being fair about income and support goes a long way toward a successful resolution.
What if You Don’t Have Kids?
If you don’t have children, the most effective exit strategy you’ll have will be focused on you and your finances instead of doing what’s best for the children in your life. Supporting spouses who decided they want a divorce may stop working altogether. They do that, presumably, to make it easier for them to avoid having to pay alimony or share any assets with the spouse they’re going to divorce. But this isn’t an excellent strategy to undertake and can be very damaging.
Not only does it cause additional problems for the remaining length of the marriage, but it also causes financial issues that could have been avoided. An exit strategy should take finances into account. It would help if you looked for ways to protect as much of your money as you can, but trying to deliberately avoid working or hide money that legally belongs to both parties may cause significant issues that aren’t worth it. This can easily cause more harm than good, and won’t solve marital or post-divorce problems, either.
Reach out to us at Hartley Lamas Et Al today, and let’s talk about the marital standard of living and how it can impact support that you owe or can receive. If you make significant changes to your income in a negative way, you could be harming your financial future. Let us help you discuss the options so that you can make an informed decision for your future.