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As a Colorado Springs divorce attorney, many people have asked me about how the economic downturn has impacted divorce.  Most people who haven’t been through a divorce are not aware of how much finances play a role in the decision to divorce in the first place, let alone in the aftermath of divorce. 

Factors such as job loss, declining property and investment values and increased personal debt all factor into the division of marital property, child support and spousal maintenance.  Working with an experienced Colorado divorce attorney can help you understand just how much the economy is impacting your divorce settlement and support.  After learning about the impact of dividing assets while they are undervalued, many individuals have actually reconsidered the timing of the divorce.  However, this cannot be done if the divorce is already in progress. 

The first challenge most divorced couples face after divorce is managing the expenses of living separately, while continuing to jointly support children.  Maintaining separate households is already stressful, but even more so when you add in job loss and a reduction in income.  Whether you are the custodial or non-custodial parent, the burden of being a single parent can result in mountains of debt and a diminished quality of life. 

Managing this debt, along with any residual debt from the marriage, can be a difficult task.  Remember, divorce not only divides the assets in a marriage, it also divides the debt load.  Spousal maintenance and/or child support combined with personal income may not be enough to cover these expenses, and sometimes an adjustment is necessary in order to prevent one party in the divorce from becoming insolvent.  If you and your ex don’t agree on these matters, entering mediation or another form of alternative dispute resolution can help you avoid a lengthy and expensive trial. 

Whether it is a job loss, a failing business, or a significant cut in pay, an attorney can provide solid advice and counsel to get you the best possible arrangement for continued spousal and child support.  A Colorado Springs divorce attorney can help you develop the strategies to get you through these hardships and on the road to a brighter financial future. 

Patricia Marrison is a Family Law attorney in Colorado Springs, CO. and the owner of the Marrison Family Law LLC, Colorado Springs largest Family Law practice.  The Marrison Family Law LLC is devoted to assisting with the difficulties of the breakup of relationships, be it common law marriage, a non-marriage with children, or dissolution with or without children. We attempt to serve the entire spectrum of relationships, from those couples with the simplest, uncontested dissolution to the highly conflicted relationship involving allegations of domestic abuse.