The emotional issues associated with divorce have been well documented. However, divorce can also have a tremendous financial impact on a person’s life. A recent article in the Marietta Daily Journal explores this issue while providing some financial suggestions that any father who is getting divorced may want to consider, particularly with regard to child support.
After a divorce, the expense of managing one household now becomes the expense of managing two. Childcare expenses must be carefully considered when children are involved. For instance, if the children are splitting time between two residences, will they transfer clothes and personal belongings between residences, or will they have separate wardrobes at each? Often, one parent is ordered to pay child support to the other to ensure he or she can provide basic necessities for their child.
As the article points out, the expense of raising children often relies partly on the wages of both parents. The article recommends that an ex-spouse relying on the other’s child support obtain life and disability insurance policies on that person as well. While Georgia fathers want what is best for their children, if a father has been ordered to pay child support, that order should be fair and used properly by the child’s other parent.
Divorce affects almost every aspect of a father’s life, and those going through it are wise to consult with advisers who can provide the expertise necessary to guide them through the process smoothly. In selecting such advisers, due consideration should be given to their ability to help deal with the weighty financial and legal issues associated with child support that are likely to arise in a divorce.
Source: Marietta Daily Journal, “Financial Planning for Divorce,” William G. Lako, Jr., Oct. 31, 2013