Filing for divorce means you are ready to separate your life and finances from your spouse. After years of sharing a life, assets and debts, the process can be challenging and messy.
While this is true, the legal process in Colorado outlines specific rules related to asset division to ensure you and your spouse receive a fair divorce settlement. You may not expect how divorce will impact your financial situation once it is finalized.
Health insurance considerations
If you were covered under your spouse’s health insurance plan, you might have to get your own coverage after your divorce. This can be expensive for those who are unemployed or don’t have the coverage offered by their employer. It’s important to account for this early in the divorce process.
If you have children, you may be required to pay child support or receive child support that doesn’t cover the full needs of your children. This is often challenging since the cost of childcare can be in the thousands of dollars per month. If the financial strain is too high, your children may not have the opportunities they would if you were still married. This can also impact your ability to pay your bills and your discretionary spending.
Be sure to account for these costs during your divorce to ensure adequate child support is paid. If this still isn’t enough, look into other support programs available to ensure children are cared for.
Protecting your financial situation in a divorce
When divorcing, you must consider many things. However, the impact on your finances after your divorce may not immediately come to mind. Be sure to consider this and factor it into the process to ensure you are financially stable in the future.