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Economics of Divorce


Divorce doesn't solve money problems
Once your divorce is final, both parties may have to deal with new money problems. Only in a very few cases can the parties immediately resume their old lifestyle. Money problems are often severe after a divorce. Both parties should do everything possible to reduce expenses at this time. More importantly, carefully consider your economic health before making new plans.

Don't go from the frying pan into the fire
Many parties marry shortly after their divorce. If you are paying support, be very cautious about taking on the support of a new spouse and perhaps more children. We are constantly asked by hard pressed paying parents, "Don't I have the right to live my life too?" The answer is, "Yes, you do, but...". You can live whatever lifestyle you wish after you meet your court ordered obligations.

Bankruptcy and bill consolidation are sometimes necessary to meet the crush of bills that accompany a divorce. Child and some types of spousal support obligations are not discharged in bankruptcy.

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