What is the financial provision after a divorce? Today we cover this topic in detail in this article.
With the growing number of divorces each year, it is important to take a closer look at all aspects of divorce nowadays. One of the things that people often talk about when divorcing is money.
Money is something that may make you happy even when divorced. Therefore, it is important to take a look at how they distributed when a couple is divorcing. So, generally, financial provision is given when one from the couple makes more and is simply better-established.
However, there are tons of things that have to be considered by judges when making a final decision. Moreover, the money question comes up even earlier in the relationship. Before or during the divorce, the couple has a chance to decide on the division of the property.
They have to major choice. The first option is to let the judges decide everything. In that situation, the case might go for a much longer amount of time. The second option is to decide everything on their own and fill the papers together.
That is a harder option to choose, but it will save a lot of time and money in the end. Once that is over, it is time to take a look at the financial provision and how it works.
1. Types of provision
When looking at the statistics and various cases, you can easily determine two main types of financial provision. The first one being a capital provision type. That is a situation where one of the sides will have to pay for something through a certain period. As an example, you may have to pay the rent for a couple of years.
That is an option that is chosen if the side does not have a lot of savings. Another choice for the judge is to make a “clean break” option. That is a situation where one side pays once for everything.
That choice is perfect for those people who do not want to have any other financial relations with another side. However, that is quite hard to do for some people, as this option requires some savings. This is also the option that is often proposed by the best online divorce services, as it is much easier for you.
2. Things that are taken into account when deciding on the provision question
When deciding on the question of financial provision, the judge will have to take a look at a lot of factors. Moreover, you will have to provide them with all of the required papers to show the real situation. This way, you will be able to get the fairest decision from the court.
The biggest factor that will decide the amount of provision is the length of the marriage. As short-term marriages can be made by some people just to get some money. In such cases, judges rarely decide for a big financial provision.
Another option similar to this one is your age and health, as a handicapped person will most likely be unable to pay a lot of provisions. The same goes for young people who are often struggling to find a stable job. Also, the way your family used to live before is taken into account almost all of the time.
3. Financial provision for couples with kids
Just like always, if you have kids, the divorce will be different. One of the biggest factors here is the person that keeps the child. Most likely they are going to be the ones to pay the financial provision.
The judge will most likely make another person pay for most or half of the things that the child will need. And if a person is worrying about the child, they will most likely be fine with such payments. However, such things as the ability to pay will, of course, be taken into account, as that is impossible to pay for a child if you have no job at the moment.
Watch this space for updates in the Hacks category on Running Wolf’s Rant.
