General Financial Topics

Divorce and custody matters don’t have to be expensive if both parties work together to resolve the case. Even if you don’t get along with the other party, you should still try to resolve your issues so that you can both move on with your lives. Taking aggressive positions while litigating a divorce or contentious custody case can easily ruin you financially. Divorce can cost anywhere from $1,000 for a simple case to $100,000 or more per side for a complex and highly litigated case. The same is true for a custody case.

Before you file for divorce, you need to figure out how you will support yourself and any children you may have, and how you will pay for the divorce. If your spouse is the primary breadwinner, then you will want to get an idea of how much support you will be able to receive and be prepared to file for support as soon as possible. If you are moving out of the marital residence, or if your spouse will move out, then you will need to make sure you have enough income to pay for your expenses. It is also important to try to set aside a financial reserve to pay for litigation costs and attorney’s fees, as well as unexpected expenses. To do so, you may need to take money out of a marital account. It is best to meet with a financial planner or divorce attorney early in the process to discuss how you can best meet your financial needs during and after the divorce process.

Yes, however you might end up being assessed as having received the money in equitable distribution if you spend it on your post-separation living expenses. In general, you can use marital money to pay off marital debts, such as a credit card debt that existed at the time you separated. However, you are not supposed to use marital money (money that was in a bank or other account at the time of separation) to pay for your post-separation living expenses, such as your rent or mortgage payments.

This depends on the type of retirement account. Please see the related article on our website.

215.345.8000 - info@cooleyhandy.com

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation.

© Site development and engineering by ParleeStumpf.