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COMING TO GRIPS WITH FINANCIAL REALITY IN A DIVORCE.

We find that many times clients in a divorce action wish to maintain the same lifestyle they practiced prior to the divorce action. In a great majority of cases, that is not possible. Clients fail to realize that they are going from one household to two households, but the incomes of the parties remain the same.

An important consideration is that your monthly expenses will increase. This issue is helped somewhat in the lower income earning spouse by an award of spousal support. However, we advise clients not to focus so much on their prior lifestyle at the expense of their future financial security. It's wise to re-evaluate your goals and financial needs before and during a divorce action.

This insight into the law is provided by Michael S. Bailey, Esq., of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.

 

Divorce and Expenses C