Seeing Past the Financial Setbacks of Divorce

Your magnanimity helped you stay married for as long as you did. You always tried to live below your means, and you never gave your spouse a hard time about spending, especially when your spouse was using marital funds to be generous to other people, whether it was extended family members, friends, or charitable organizations. Now that you are divorced, every penny that the court awarded to your ex-spouse in your divorce hurts. Think about all the long-divorced people you know who still blame their ex-spouses for their ongoing financial struggles, and how petty and small-minded they sound. Your ex-spouse is probably struggling financially, too, and despite the version of events you would like to tell yourself, it is not entirely because of that homewrecker that your ex-spouse left you for. Instead, even before you file for divorce or respond to your spouse’s divorce application, you should think in the long term about your financial strategy. If your spouse wants a divorce, and you are worried that getting divorced would leave you destitute, contact a Mississauga family lawyer.

Divorce Never Gave Anyone a Windfall

Every divorce is unique, but one thing that all divorce cases have in common is that the court divides the couple’s property into two parts, not necessarily equal ones. Even if the court awards you valuable assets amounting to more than half the marital property, you will still take a financial hit, because after your divorce, you will be supporting your household on one income instead of two. According to Stacy Francis of Kiplinger, the average recently divorced man suffers a 21 percent reduction in wealth, while the average recently divorced woman suffers a 45 percent reduction. In other words, no one wins. Know that the lean times you experience during and immediately after your divorce will be temporary.

Your Post-Divorce Attitude Adjustment Can Help You Rebuild Your Finances

The silver lining to all of this is that your post-divorce financial decisions will reflect your values alone, not a compromise between yours and your spouse’s. If your spouse was a material girl, then divorcing her is like losing the albatross around your neck. You are free to be frugal. Rock on with your buy nothing lifecycle. Make dinner out of the ingredients the supermarket was about to throw away, and enjoy every minute of it. Since you must share parenting time with your ex, use your ex’s parenting time to earn money at a side gig or study for a degree or certificate to advance your career.

Can You Sue Your Ex-Spouse for Causing You Financial Losses?

The family courts of Ontario assume that it takes two to ruin a marriage and to fall into financial hardship. In some cases, though, it is obvious that one spouse intentionally caused the other spouse financial harm. If your ex did this, you can petition the court to award you compensation for the financial losses your ex caused you.

Contact Zagazeta Garcia LLP About Recovering Financially After Divorce

A family lawyer can help you think clearly about how your impending divorce may affect your finances.  Contact Zagazeta Garcia LLP in Mississauga, Ontario to discuss your case.

Source:

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