How Divorce Changes Finances

One aspect of divorces that every couple has a hard time coming to grips with is the reduction in lifestyle they will inevitably face. Any Richmond divorce attorney has seen clients who have unrealistic expectations about how much of their lifestyle they can preserve after the split.

An Illustration of How Finances May Change

Your Richmond divorce lawyer might be able to explain it in more specific terms relevant to your case. Here is a general example. Consider a couple that meets in law school and marries, and then both spouses go to work as lawyers making roughly the same salary.

Two years into the marriage the husband and wife agree that they want to have children, and the wife quits her job to raise the kids. (This scenario is all too common to any Richmond divorce attorney.)

Ten years later, the couple seeks out a Richmond divorce lawyer, wishing for a divorce. The wife goes back into the workforce, making the equivalent of her starting salary after she had graduated. The husband, however, has been promoted to partner and is bringing home six figures. This discrepancy in income between the two will inevitably be a source of friction in the divorce to any Richmond divorce lawyer.


How the Finances Are Altered

The family judge in the case divides the equity in the home equally, and orders that the husband pay the wife $2,500 a month for child support. However, in a move that will be frustrating to both the wife and her Richmond divorce attorney, the judge orders no alimony, saying the wife can meet her own needs.

Even if the child support allows the wife to maintain a modest standard for her children, and even if the husband is paying a greater percentage of his salary in taxes, your Richmond divorce attorney will explain that the wife is still making far less money and can only afford a reduced standard of living.

This is not to say the wife will be destitute; she still has a career, and her income will probably rise over time. However, due to the time she spent out of the workforce as well as age discrimination and gender discrimination (which still exist) she may never reach the same earning tier as her ex-husband. This is a reality many clients of a Richmond divorce attorney must face.


For Assistance with Your Divorce

If you have questions about how best to protect yourself and your family in a divorce, call a dedicated Richmond divorce attorney. Call Van Smith at 804-325-1245.