Excellence In Family Law

How can the economy affect your divorce plans?

On Behalf of | Jun 28, 2022 | Divorce

If you and your spouse have decided to go your separate ways, you might start looking at divorce. One of your first concerns might be figuring out when it would be best to end your West Virginia marriage. While many factors will play a role in that decision, the economy might become a major one.

A downturn in the economy can lead to financial instability in the future

If you choose to seek a divorce when there’s a downturn in the economy, the consequences might affect your financial stability in the future. When the economy is bad, the value of many of your assets might be affected, which means the value of your share of the division of assets will also be affected. This can apply to your home or business interests, for example.

Child support payments can also be affected due to the economy

If you are considering divorce during a downturn in the economy, you are also risking receiving lower child support payments, particularly if the paying parent has either lost their job or their income has decreased. On the other hand, the paying parent might decide that a down economy is the right moment to seek a divorce so that lower payments are assigned based on their income.

What should you consider before deciding when you should seek a divorce?

There are several factors related to the economy that you should consider when deciding when to file for divorce. These include:

  • The total value of your assets
  • The amount of child support payments
  • Your options for resolving financial issues
  • Your options for the divorce process

Finances are an important part of the divorce process. Figuring out when is the best time to file for divorce will be affected by your current and future financial stability. In the end, you will want to ensure that you make the best choices for your and your children’s future.