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Financial repercussions of divorce

| May 29, 2019 | Divorce

Divorce can negatively affect people in Louisiana financially, and a study that appeared in “Sociological Science” found that it can hurt some children’s access to education as well. This is often related to the reason for the divorce itself, a father’s lack of employment or underemployment. Some data indicates that men who are not in a breadwinning role are more vulnerable to divorce.

Income may also drop after divorce because one spouse is unfamiliar with the family finances. In some marriages, men take responsibility for the finances, and some divorced women have to balance insurance, housing costs and more for the first time. However, there are also relationships in which the woman says she entered the relationship with a strong credit score only to have it drop over the course of the relationship. Credit scores can also be hurt if a spouse does not pay a fair share of debt. Both people may agree to split a debt, but if one person does not do so and the debt is in the other person’s name, it is that person’s credit that will suffer.

Some people struggle to keep up alimony and child support payments. In other cases, people refuse to accept them. Some men, in particular, may be embarrassed at the idea of receiving these payments.

Louisiana is a community property state, and this means that marital property is considered to belong equally to both individuals. However, they can negotiate a divorce settlement that does not necessarily involve dividing everything 50/50. Parents who hesitate to accept child support should keep in mind that like other legal decisions around children in divorce, the idea is to focus on the best interests of the child. Parents who cannot reach an agreement about property division and child custody may need to go to court.