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Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

The financial effects of divorce may hamper your future

On Behalf of | Dec 15, 2014 | Family Law |

posted in Family Law

on Wednesday, October 24, 2012.

It is well-known that divorces can cause emotional issues for all parties involved, be it the husband, wife or children. But some in Connecticut forget about the financial changes that may occur after a divorce is finalized. The property is divided between the spouses, and if one makes more than the other, alimony may be awarded. If children are involved and primary custody is given to one parent over the other, child support may likely be required.

Then there is the issue of maintaining two separate households on a combined income that used to maintain one. That income has been split according to who makes it and divorced individuals often move into separate living quarters so that their lives can be separated.

When the divorce occurs and the finances are split, an individual’s personal value takes a hit. Some worry that when they are searching for a separate home, their divorce will cause them to be denied when applying for a loan. According to law, discriminating based on the familial status of an individual is illegal.

When applying for a loan or for a place in a co-op building, the reviewers of the application will be sure to consider where your income is coming from. If you have a job that is steadily supplying you with a regular income that is not reliant on alimony or child support, you may have little problem. Of course, the opposite may be true if you have to pay such support but as long as you are still able to afford the costs associated with the loan or property after support is withdrawn, you should be fine.

Another sticky situation occurs when a person’s main income is child support or alimony. This is not a reliable source of income as it is a divorced spouse that is paying them. Though you may believe that your ex-wife or ex-husband will continue to pay, lenders may not be so optimistic.

Source: New York Daily News, “Ask an expert: Will my divorce hurt my apartment search?” Teri Karush Rogers, Oct. 16, 2012

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