Divorce is a time of uncertainty. And fear in divorce is a reality and to be expected. You’re about to experience major changes in your life. You wonder what life will be like after your divorce. You fear the unknown. You worry about how your divorce will impact your life moving forward. You worry about how your children will handle your divorce. Even if you and your spouse have agreed to the terms of your divorce, you still worry what you and your children’s future will look like. And you wonder if you will be able to financially survive after your divorce.
Many of these concerns are shared by most people as they end their marriage. So, what are some of the divorce fears you may be encountering? The following are some common divorce fears:
RETIREMENT ACCOUNTS
Do you fear you will be required to divide your retirement accounts, and wonder if you will be able to retire as planned? It’s common for you to be concerned about keeping your retirement accounts intact. However, if the money in your retirement account was earned during the marriage, it will be considered marital and will be divided as any other marital asset would be. This can be a setback for your retirement plans, and it may be smart to talk to your financial planner to discuss your options.
FAIR SETTLEMENT
You’re concerned you won’t obtain a fair settlement or fair division of the marital assets. It’s important for you to know that judges make their decisions on equity and fairness. It’s not reality that one party walks out with everything, leaving the other party destitute. Therefore, your fear that you will be left out in the cold is not supported by Michigan law. You will receive a fair and equitable division of the marital estate.
FINANCIAL SURVIVAL
You wonder if you will be able to support yourself after the divorce. Perhaps you’ve been out of the workforce for several years, and have little education or job skills. You ask yourself if you will have to go back to work in order to support yourself. You wonder if you’ll be able to make it on one income. You wonder if it’s a good time to go back to school and so that you can obtain employment that will offer you a better income opportunity. These are very real fears for parties who have been the stay-at-home parent. Once again, there is time while the divorce is ongoing to examine your specific situation and financial needs.
In summary, financial fears during a divorce are very real. You wonder if you can retire on time, or if you will be homeless. Divorce often means that you will have to adjust to living on a smaller budget, that you may have to go back to work, or increase your hours at work. However, it is possible to rebuild your sense of financial security after your divorce and regain your financial freedom.
PROVIDING SOLUTIONS FOR FAMILIES
At Schmitt Law, PLLC, we understand that filing for divorce can be an emotional and confusing experience. That’s why we are committed to providing personalized service to each client we represent and will be with you through this difficult journey. At Schmitt Law, PLLC we encourage clients to take a more collaborative approach to divorce that promotes positive communication and cooperation. Through mediation or the collaborative divorce process, Laurie guides her clients through amicable divorce settlements so they can move forward with their life. To discuss your circumstances and legal options, contact Schmitt Law, PLLC at (616) 608-4634 to schedule a consultation. Or contact us online to arrange a consultation.
