Getting a divorce can have an impact on your finances in several ways. First, the process of divorce will cost money, and you’ll need to pay for the services and administration necessary to put an end to your marriage. Second, when the divorce is finalized, it is likely that you’ll find yourself in a completely different financial situation, because you’ll have divided assets between you and you’re spouse, and you’ll only have yourself to rely on.
If you are worried about going through a divorce as someone with a low income, it is important to consider the following tips.
You may be able to qualify for a waiver of divorce fees
If you have no income or a very low income, you may be able to file for divorce while having all of the court fees waived. To do this, you will need to obtain relevant forms, provide financial proof, and file for a fee waiver in good time.
You need to plan for your future
A divorce will affect your finances for better or for worse. You should consider how the potential for spousal or child support could help you financially once you become single, as well as how the loss of your spouse’s income. Many divorcees find that they feel more in control of their finances after they have gone through divorce, because they are able to hold themselves accountable and their financial wellbeing is completely up to them.
You need to be strategic in your approach to divorce
You should understand how the law affects your situation and have a strategy to maximize the outcome. For example, choosing to wait a few months to file for divorce may prove to be beneficial financially.
If you want to go through a divorce but you are concerned about doing so because of your low income, it is a good idea toand the effect it will have on you.