As a family law practitioner one of the most common explanations, given by new clients, as to why they have remained in an unhealthy and often times oppressive marriage is the feeling of being financially trapped due to the unknown financial consequences if they leave the marriage . This is typically due to either one parties’ almost exclusive reliance upon the income of his or her spouse to provide for the family’s financial needs; or that the financial circumstances of the parties lead a client to believe that a divorce or legal separation will only cause more financial hardship. In those circumstances, client’s may elect to stay in the relationship in hopes that by doing so they can address their financial problems prior to addressing their marital problems.
In today’s blog we take a broad look at the potential financial impact of divorce and some specific tools which are available to address both the short- term and long- term needs of a client.
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