Protecting yourself from the financial impact of divorce

| Feb 2, 2021 | divorce

If you are going through a divorce as a parent, the biggest loss you will perhaps face is the loss of a family unit. However, if your spouse only brought toxicity to your household, it is likely that divorce is going to be in the best interests of you and your children.

However, it is likely that you are concerned about the financial impact of divorce and the extent to which it will impact your life. If you are the primary caretaker of your children and you stay at home to look after your children, you will likely be worried about how you are going to support yourself after divorce. The following is an overview of the ways in which the law is in place to protect you.

You should be entitled to child support

As a primary custodian of your children, the other parent has the legal duty to pay child support to you if they earn an income. If you choose to file for child support, you’ll have a basic income based on your ex’s income level that will help you to raise your children.

You may be entitled to alimony

In a divorce, alimony is usually awarded to the spouse who will be most financially affected by the divorce. It is intended to be a short-term solution while you look for work or undergo training. You may be granted alimony in a lump sum, or through monthly payments over a period of time.

Asset division should be equal

Washington is one of the few states that follow community property law. This means that all marital assets will be split equally at divorce, regardless of your individual situation. Therefore, correctly categorizing assets is important.

If you are worried about how divorce will impact you financially, make sure that you take action to explore your options so that you can fight for your rights.