Sometimes, knowing when to divorce can play a major factor in your agreement save you thousands of dollars. For the spouse that makes more money and has a higher income the best time is when your finances are in trouble; For example, when business is slow, debts are high, and equity in your home and other assets is small.
Because the money you will have to pay to your spouse will be smaller. For example, Child Support is determined by the gross income of both parties, as well as other factors. When the combined total income is low, the child support owed to the other parent will be less. Similarly, with alimony. Alimony is determined upon the number of years married, ability to pay, and need of the receiving spouse. Once child support is deducted from the paying spouse's gross income there is less money to pay alimony from.
If your family finances are strong and increasing, then it is best for the lower-income spouse to file. Now, is the time that there is more cash flow and more disposable income for the higher wage earner to pay more child support and supplement the other spouse’s income via alimony.
It makes sense that one spouse will stay at home to raise their children, not seek a career, and limit their work history to remain unemployed or only part-time. In this situation, the courts look at the best interest of the children, so maybe it is best for the lower-income spouse to stay in the marital home till a later date when the home will be sold. In the meantime, the spouse with the higher income can pay the mortgage and household expenses, during which time the other spouse establishes themselves in the workforce and the child does not have to be uprooted from their family home.
The most important thing that you can do when deciding when to file for divorce is to ensure you're asking the right questions that are specific to your factual situation and seeking intelligent and informed answers to them.
It important to have experienced and knowledgeable divorce and child custody attorneys in such a situation. When you are ready, please contact The Marin Law Firm, P.A. and attorney Carmelina Marin will be ready to provide a consultation and evaluation of your specific circumstances.
Contact us at 407-449-7804 to schedule a consultation and evaluation.