How the Economy Can Effect Your Divorce..

I really feel for people who are thinking about getting a divorce or in the middle of one right now. With the dire economic conditions we are facing, many couples are going to have less assets to divide and a more difficult time financially supporting two separate households.

It used to be that a couple could count on the equity in their home, 401Ks and other investments to divvy up. With the housing market crisis, stocks plummeting and the cost of living rising, many couples will not have the money available to buy a new home or even live comfortably after a divorce.

Think about this. The longer you take to settle your divorce the greater risk you are at. If you filed for divorce 6 months ago, at that time your assets were worth more than they are worth today. If we continue in this downward economic spiral, your assets will lose more value and you will get less in your divorce settlement. Another scenario that can effect your divorce is if you or your partner loses your job. Child support and alimony payments will surely be affected.

To make matters worse, if you are paying a high priced divorce attorney, his fees will mount while your divorce settlement decreases. So the best advice to divorcing couples now is to settle your divorce as fast as possible. This is no time to fight it out. With assets frozen and unable to be sold during a divorce unless court ordered, you are risking your financial well being.

If you are dealing with a hard headed spouse who has refused to settle so far, maybe it is time you explain to him or her that you will both suffer financially should your divorce drag on. The quicker you reach a settlement, the better chance you have to protect your assets.