estate planning to relieve the family of stress

What A Divorce Lawyer Recommends When Leaving Your Income-Earning Spouse

Nothing is harder than divorcing a spouse who makes all the money and controls the family's bank accounts. But it's possible, so if the dissolution of your marriage has been long overdue, don't shy away from making the big leap because of your financial fears. 

As you know, matrimonial wealth is split accordingly between two spouses when they decide to divorce. So, while they are the income-earner, your contribution to the growth of the businesses will be considered, and you'll receive your share. To ensure this is the case, you should hire a divorce lawyer to guide you through the dissolution. Continue reading to learn what a legal representative recommends when leaving your income-earning spouse.

Stay in the Home

The first thing you should do when it's established that the divorce is happening is to stay in the home—unless your spouse is violent. Having a roof over your head during this period alleviates your stress levels, allowing you to focus on the crucial issues at hand. Even if the residence is titled in your spouse's name, they cannot evict you unless they present a valid reason to do so in court and get legal permission to do this.

Staying in the home is especially recommended if you have kids because it allows you to cushion them from the blow of their parents separating. What's more, as long as you're still living in your matrimonial home, you can delay talking about the divorce to the kids as long as it's convenient.

Create a Budget

The next thing you should embark on is creating a budget that will allow you to comfortably transition into singlehood. Figure out how much you need to survive in a month and establish how you'll get the money to fund your lifestyle.

If you're set to receive a handsome amount from the divorce, budget for the money to ensure it sustains and helps you build a life for yourself. Your attorney will help you secure shares that can earn you passive income and a residence, if possible, so that you don't have to purchase a home.

Lastly, as you budget for the next phase of your life, think about the kids and figure out a plan with your co-parent that allows you to contribute to their upbringing that doesn't strain you financially.

Finding Income

Lastly, but most importantly, you should start looking for a source of income before the annulment is finalized to ensure you're not stranded when it's time to move on. Using your pre-set budget, you can tell how much your starting salary should be, so don't settle for a low-income job for the sake of having one.

If you're leaving an income-earning spouse, don't hesitate to hire a divorce lawyer to learn how to go about the annulment. Reach out to a firm like Knollmeyer Law Office, PA to learn more.