Many factors can affect the emotional, logistical and financial strains of a divorce, but certain events can cause great financial harm to both parties involved in the separation. According to the Today Show, some times are better than others when it comes to sparing some financial hardship during a divorce.
The real estate market is one aspect that can greatly impact a divorce. This costly venture can be made even more damaging if the market is down. However, the news provider suggests that to save the most money, one spouse should stay in the home while the other takes other assets to cover half of the equity.
Bad credit scores are only made worse during a divorce. Additionally, poor credit can hinder a spouse’s ability to secure an apartment or open a credit card account. If at all possible, waiting to finalize a divorce until a credit score has been raised can lessen the blow.
According to the Contra Costa Times, while the financial and emotional impact of divorce on young children is well documented, parents with adult children can still be causing harm to their offspring during a divorce. For example, educational and career plans may be more difficult during the financial strain on the family.