There is finally good news ahead. Lockdown is beginning to relax, and many Canadians have already received their first dose of the vaccine. These are encouraging signs for those of us who have experienced a loss of cashflow that have left their financial circumstances teetering on the brink. Have you suffered a financial setback due to the pandemic? Chances are you cut back severely on your spending to stay afloat.
Life slowly begins to return to normal. Now you contemplate the possibility of your bank account coming out of the red. Perhaps you have turned your mind to a major financial priority that became even more urgent during the pandemic… Setting aside cash to pay for your divorce. You are not alone. As the pandemic starts to recede, more families are in a better position to address certain financial concerns. Such as separating from a partner. Read on to learn more about how lifting pandemic restrictions may positively impact the divorce process.
Extra Cash to Pay for the Divorce
The pressures of the pandemic and lockdown have been well documented. Sheltering in place without the support of extended family, friends and other outlets have made a tense relationship with your partner unbearable at the best of times. You may also have the added stress of homeschooling their children, juggling paying the bills and worry about your elderly parents well being as well. You realize the situation at home was intolerable, and it was taking a toll on yourself and the kids. There was no other choice, however when the funds to start the separation process simply was not available.
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Now you have landed new employment. You are starting to imagine a new life on your own. One that cuts out the current daily dose of personal drama. The possibility of a more peaceful homelife is motivating you to set aside funds each paycheck to pay for your divorce. Speak to a lawyer to get clear on what you will need to make this goal achievable sooner than later.
Funds Available to Meet Spousal and Child Support Payments
Another epidemic has developed during the lockdown: Ex partners falling behind on child and spousal support payments. During the pandemic family courts have been grappling with processing claims against spouses who are no longer meeting their obligations due to an unexpected loss of an income. This comes at a time when the courts were already backlogged. It becomes severely compromising when claims to address support payments will be heard. As a result, many families have been struggling to make ends meet as during the lockdown.
A bright spot here is the economy is beginning to reopen, giving businesses a chance to recover. This gives individuals who have had fallen behind on their support payments due to a loss of income, an opportunity to negotiate with their partners on how they will catchup on outstanding payments. Bottom line here: your ex-partner’s income may become more stable during the economic reopening. Negotiating with your partner directly on missed support payments and avoiding family court will likely also lead to a faster and more amicable settlement.
A Mindset That Life Will Go On
Just like the chaos and grief associated with separating your partner, many of us of have learned that the economic reopening from a lockdown is similar in many ways: First there is the period of denial where we want our lives to go back to normal. We can all identify with this stage of grief during the pandemic. As you move through your separation you likely will it to be over as soon as possible. Keep in mind, not everyone is ready to deal with the emotional or economic fallout of a divorce, and you go through you will need to pack a sizeable share of mental fortitude. Seek support. This where having a great team comes in. For more information essential steps to tackle checkout my article: Divorcing in the middle of a pandemic what you need to know…
As you come to terms with the harsh realities of the divorce such as selling the family home after recognizing you will not be able to carry the expenses on your own, you may face another stage of grief- anger. Again, we have all seen the phenomena of denial and anger play out in living color in our society as the pandemic waged on and the world realized there would not be an easy fix out of this.
It’s fair to say the country experienced some level of depression as we came to terms with this new normal. And this stage of grief tends to demand us to confront our emotions and seek support because some things may get worse before they get better. In fact, this is probably the greatest single lesson here. The good news is the economic reopening is on (for now) and we can look forward to life moving forward however bumpy. Having a resilient mindset that life will go on and your financial and emotional future will get better is your single greatest asset at this time…