Even in a fairly amicable divorce, surprises and misconceptions can catch people off guard. Those undergoing the divorce mediation process in Alberta should be aware of some of the financial and legal issues that await them, such as the impact of spousal support and the challenges of disconnecting shared accounts. Here are some of the most common surprises for those who end a marriage.
While breadwinners tend to be aware and, even, comfortable with the concept of paying spousal support, the figure that leaves their household in the end may be a shock. This can be especially jarring when one’s own expenses increase due to the divorce. For example, mobile phone family plans and insurance packages can become unavailable when a couple splits, while groceries for one can be more of a financial burden in some cases.
The cost of new items for a single household can also be a burden. Silverware, dishes, bathroom supplies and, even, cleaning supplies can add up, which can be especially challenging when legal expenses and support payments are also on the table. Another surprise can be the impact on retirement plans, which could take quite a hit, depending on planning.
Splitting assets, investments, credit and debt can be tricky business. Adding spousal support payments, child support and an increased cost of living can further complicate matters. It is a good idea to consider these issues when entering divorce mediation, so a fair and equitable agreement can be reached. An Alberta divorce lawyer can advise on what to consider during the dissolution of a marriage to prepare for a manageable financial future.
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