It is not news to our readers that the economy continues to be turbulent with unemployment rates still high, ongoing layoffs throughout the area, and a housing market that is slow to recover. Financial difficulties that couples must address in this environment are heightened and where separation or divorce is a component, the financial woes are further escalated. One cannot live as easily as two.
A spouse who has stayed home to care for children may find it difficult to obtain employment. A spouse who has historically worked may be laid off. How will bills for the marital residence be paid and how will bills for a separate residence be handled? Courts can make orders of child support, spousal support, payment toward the maintenance of assets. Spouses can try to work out an arrangement on their own. While each spouse may feel that they are entitled to live at the same standard of living, this is not necessarily possible if economic layoffs have hit your family and it will be important to look at what expenses can be cut.
Some financial planners now are becoming trained in helping couples, together or separate, to manage household expenses. Consulting with one of those professionals may be helpful. Considering options for debt consolidation may also be helpful.
Refinancing where economic layoffs have occurred may not be possible. Investigating options about how to pay the mortgage will be important.
In times of economic layoffs, understanding your own options for education, training, and possible changing careers paths should be gained.
Economic layoffs coupled with a separation or divorce can make times seem unmanageable; having a good support system in place will be important.