Spending patterns may need to change after divorce

On behalf of Law Offices of Barry I. Finkel, P.A. posted in High Asset Divorce on Wednesday, August 22, 2018.

Divorce can change your life forever, and it does so on more than the emotional front or in terms of your personal relationships. It also has a drastic financial impact. You may have to change your spending patterns and your lifestyle to fit with this new stage in life.

Many people do not realize just how drastic this can be. For instance, one woman had a low-paying job that she loved, while her husband had a high-paying job that provided her with substantial income. They ended up getting divorced when he revealed that he had a mistress that he wanted to be with instead of his wife.

The woman felt that she was innocent in the whole thing, that she had "done nothing wrong." She was angry with her husband and didn't see why she should have to change the way she lived.

At first, she didn't. She still took lavish vacations, ate at expensive restaurants and didn't make any changes. This was just the way she lived, and, despite the warnings of those who knew she had to change, she kept it up.

Eventually, reality set in and she realized she had to alter her lifestyle. While she did get support from her ex, it was just temporary and still didn't support the lifestyle she was used to. After all, costs go up in the wake of divorce when two people live separately, so some financial changes may be necessary even with alimony payments, child support orders and other financial agreements.

This story shows why it is so important to consider the financial side of a divorce and look at the big picture. Make sure you understand your legal rights.