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COVID-19 and Finances in Divorce

by Brie Reyes

There is never a good time, emotionally or financially, to go through a divorce. Relationship problems and money troubles work together to make bad situations worse, and it can be difficult to remember which came first. Many couples break up when their relationships could have been saved if they had been able to work through their financial problems openly and honestly.

COVID-19 – Making Bad Situations Worse

The worldwide pandemic has had a high cost in human life. There has also been a high cost to the economy. Many people are out of work because their employers are not as busy, or because their goods and services are not currently in demand because so many businesses closed. Even businesses that were able to stay open are dealing with the stress of the economy.

Many married couples have seen the loss of one or both of their jobs and the resulting loss of income. Unfortunately, many have also continued to have the same expenses and even formerly frugal couples have found themselves living beyond their means.

While the S&P has fixed itself, other investments are still suffering, and some are in fluctuation. Getting divorced right now means dividing the marital estate in half at a time when the assets are at an abnormal low. Having a diverse portfolio can at least help so you are not depending on one industry to do well.

Communication Is Key

Sharing a household requires constant communication, and some couples are simply not in the habit of sharing some of the important information they need to share with their partners. Whether out of habit, fear, or shame, many people keep information to themselves when open discourse would have helped defuse potential problems.

Again, this problem has only become exacerbated by COVID-19. Couples are spending more time together but have not changed their old habits as far as spending and letting their partners know what they are doing. They think they are getting divorced now because of their finances, but they may have been able to work through the problems together if they had tried to communicate earlier.

Divorce is never easy or inexpensive. This is a particularly bad time to go through a dissolution. It is vital to find an attorney and financial professional who can help you navigate the financial and emotional landscape so you can deal with the real issues instead of getting distracted by your feelings.

Contact Smart Financial Divorce today to begin navigating the financial landscape of your divorce.


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