Monthly Finances

April 23, 2007 – 3:24 pm

Often when a lawyer and a client meet to discuss a family law matter, not enough time is spent on the crucial issue of monthly finances. When a relationship breaks down the emotional issues can be enormous. At the same time that the client is struggling to deal with those issues the lawyer may be struggling to understand how much money their client needs every month, to live on.

It is not unusual for only one party in a relationship to deal with all the day to day financial issues. Consequently, when that relationship breaks down, the other party can be lost when it comes to knowing what their monthly financial needs are. This can lead to unreasonable expectations of spousal and child support, either far too high or far too low.

When talking with your lawyer on a family law matter, ask about budgeting. Try and have a good grasp of what your monthly financial needs are. Copies of account statements, income tax returns, bank statements, credit card statements and pay stubs, are all helpful. You will probably be asked to complete a financial statement. Try and be realistic when doing so. Try and return that financial statement promptly to your lawyer so he or she can properly advise you on what you can reasonably expect to receive every month, for support.

Clearly understanding your monthly financial situation, as promptly as possible after separation, can avoid unpleasant surprises at a later date.

If you have questions call or email our office – (250) 656-3961 – reception@mclott.com

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