The looming recession has many couples wondering if they should put their plans to divorce on hold. Economic uncertainty can be a significant source of stress for couples; it can also make divorce more complicated and expensive. For people who understand divorce is the best solution for their relationship but still have a high-functioning marriage, the option to wait out the recession may be appealing. However, there are a few different areas to explore before making this decision.
The Benefits of Divorcing Earlier
Divorcing earlier rather than later can provide some key benefits regardless of the state of the economy. They include:
- Settling All of Your Custody and Financial Issues Quickly
The longer you wait to divorce, the more time is allowed for custody and financial issues to complicate themselves further. For example, you may want to divorce and solve your children’s schooling and living arrangements now, rather than waiting until they have become more established in a routine that becomes more difficult or expensive to change. Therefore, as soon as the decision is made to divorce, it is recommended to begin meeting with an attorney to plan how these important decisions will be handled.
- Avoiding Any Unnecessary Drama
The longer you live in an unhappy marriage, the more acrimonious it is likely to become. This can make divorce more complicated and expensive and increase the stress you and your family experience during this difficult time. In addition, if you have children, they can be adversely affected by witnessing the deterioration of their parents’ relationship. This can negatively impact their future relationships or reinforce the notion that they will have to choose between their parents.
- Improving Your Emotional and Physical Health
It is well-documented that unhappy marriages take a toll on your emotional and physical health. Studies have shown that people in unhappy marriages are more likely to suffer from anxiety, depression, and even cardiovascular disease. If you are in an unhappy marriage, it is important to consider its impact on your health and your family’s health. If you can, divorcing sooner rather than later can help improve your overall well-being.
The Potential Drawbacks of Divorcing Later
While there are many potential benefits to divorcing sooner rather than later, there are also some drawbacks to this approach that should be considered. These include:
- The possibility of the economy improving. If you wait to divorce until the economy improves, you may be able to keep more assets and have more income available to support yourself and your family. This can be especially beneficial if you plan to retire soon or have significant debts that need to be paid off.
- The complications of remarriage. If you wait to divorce until later in life, you may complicate your ability to remarry. This is because your new spouse may be unable to collect Social Security benefits based on your work history. In addition, if you have children from your first marriage, your new spouse may not be able to claim them as dependents for tax purposes.
- The impact on your retirement plans. If you divorce later in life, it can also impact your retirement plans. This is because up until your divorce, you and your spouse have likely been saving for retirement together. Delaying your divorce means delaying your new retirement plans and may result in you having to work for longer than you would like if you have a strict desired retirement amount in mind you wish to achieve.
Q: How Expensive Can a Divorce Be?
A: There is no definitive answer to this question, as the cost of a divorce varies greatly depending on factors such as the complexity of the divorce proceedings, the assets involved, and whether or not the parties can reach an agreement outside of court. At first glance, many divorcing couples are under the impression that the cost of divorce will be expensive and often prohibitive. However, when seeing the long-term financial stability of both parties factored in, they are able to better see how the cost of divorce can be worth it in the end.
Q: How Long Does a Divorce Usually Take?
A: Many factors can dramatically impact the length of time it takes to finalize a divorce. In general, however, the process can take a few months to a year or more. The specific timeline will depend on the couple’s circumstances, such as whether they have children, the assets involved, and whether they can reach an agreement outside of court. It’s important to get a sense of the timeline with your attorney so you can make an informed decision aligned with your own opinions on the current state of the economy.
Q: What Are the Different Types of Divorces?
A: There are two main types of divorce: contested and uncontested. In a contested divorce, the parties cannot reach an agreement on one or more issues, such as child custody, property division, alimony, or child support. This type of divorce can be more complex and time-consuming, as it will require the parties to go to court and have a judge make the final decisions. In an uncontested divorce, the parties can reach an agreement on all issues outside of court, saving time and money. In addition, this type of divorce is often more amicable, as the parties can come to a mutually agreeable resolution.
Q: What Are the Benefits of Divorce?
A: Although it is often difficult, divorcing can bring many benefits. For one, it can provide both parties with a sense of closure and finality. It can also offer a fresh start, allowing the parties to move on with their lives and pursue new relationships. Additionally, it can provide relief from stressful or unhappy situations and allow both parties to focus on their own happiness.
For more information on divorce and its relation to the economy, connect with an experienced Springfield, MO, divorce attorney today.