Divorce & Finances Pandemic Style
The likelihood of knowing someone affected financially by COVID-19 is high as jobs are cut due to the impact of a pandemic on small businesses and corporations. For some couples divorcing, especially with children, finances can be frightening right now.
Although it is an old-fashioned idea, many men still make more money than their spouses. They are still the “breadwinners” in many homes. For a divorcing man who may have lost his job during this time, the prospect of legal fees and child support is daunting. As for child support guidelines, July sees the implementation of new guidelines. The new child support guidelines cannot support zero child support payments, but there can be a positive side as opposed to the old standards. The court can determine what the needs of the child are, but also the parent’s ability to provide support. If a parent simply cannot pay due to job loss and is actively pursuing employment, the situation is not considered willful refusal to pay child support. In the case of parents who already pay child support, but have recently lost a job due to the pandemic, ask your attorney about modifications to existing child support modifications.
Although child support reigns over many divorcing couples and their future finances, another concern may also be the division of property. The loss of a job is a severe blow. A divorcing man or woman may question what a fair division of property is when one spouse may clearly need a few more assets during such unstable times. The fair part of this division is the “equitable” part. A judge can consider a job loss due to Covid-19 and can decide to stray from the 50/50 division depending on what is fair according to the circumstances.
Divorce is already emotionally and financially exhausting. With the state of things in a desperate need for normality and stability, the loss of a job during a divorce wrecks any stability. Navigating law during this time calls for extra support and attorneys with experience. Contact our law offices today. It will get better. We’re here to help.