You probably have some idea of the terms you’d prefer as you end your marriage. Countless variables can factor into divorce decisions, though there’s one that couples tend to overlook.
Conversations about income can escalate contention. Transparent discussions about career choices may be equally important.
Three questions to ask yourself
You and your ex may disagree about child custody and support, property division, and alimony as you go through the process of dissolving your marriage.
You might believe this is a good time to make additional choices as you look toward the future. However, what you do now may have a lasting effect on your financial situation. For example:
- Should I accept a different position? A job offer often boots confidence and excitement about better opportunities. However, you may need to allocate more money to your former spouse and children if you opt for an income increase during your divorce.
- What will happen with my bonus or commission? Jobs that involve compensation based on sales performance allow you to succeed based on your individual efforts. The unfortunate reality is that these earnings are unpredictable. While bonuses may factor into your property settlement, be sure they’re not counted as income twice.
- How would retirement influence terms? Investments, pensions, and savings could all come under the microscope in a divorce. Financial distribution between you and your ex may correlate with your support obligations, your ability to collect from your accounts, and the reason to draw your career to a close.
As is often the case in legal matters, there are various ways to protect your interests in divorce. Making informed decisions about your career may be a wise way to approach your future.