The recession-that-won’t-end has destroyed our finances just as much as it has disrupted our emotions. Combined, these troubles can create a bad habitat for even the happiest of marriages. And to their misfortune, miserably married couples have been forced to delay divorce until their finances allow for it.
With that in mind, the Today Show has looked at the best and worst times, financially, to hand over the infamous “divorce papers.” Your wallet will take a hit if you decide to split up under any of these circumstances:
Well, duh. When you’re scrounging money just to take a vacation, do you really want to deal with a divorce, too? If you call it quits now, one or both of you will have to rent your own place – or, if you can afford it – buy a new house. Furthermore, if you’d like to live somewhere new (maybe miles and miles away from your ex), you’ll need to find employment… and we all know how easy that is… NOT.
Unhinged Real Estate Market
If you’re trying to part ways in an unstable economy, you’ll probably part ways with your home’s value, too. In a hotter market, you’ll obviously get more money for your home. So what should you do if you can’t wait for the housing market to rebound (because you could be waiting a very, very long time)? The cheapest answer: One spouse should stay in the house and the other one should take different assets to compensate for his or her share of the equity, as suggested on the Today Show.
In most cases, either spouse’s income-to-be cannot be included in the assets of the divorce. If you inherit money before the divorce is finalized, however, it could be considered a part of the marital assets.
Damaged Credit Score
If your credit score is already ugly, a break-up certainly isn’t going to hide its blemishes. Don’t expect to be approved for a lavish bachelor pad or new credit card. If the marital split is good-natured, it may be worthwhile to wait until you can boost your credit score a bit.
Having Kids under 18
If you’re both parents, you and your spouse will have less combined income with which to support your children. One slightly bright spot, however, is that if your child is college-bound, he or she may be eligible for special students loans and grants.
The opinions expressed are solely those of the author and do not necessarily reflect the views of XFINITY.<