Four Ways the Coronavirus Might Impact Your Jackson, Mississippi DivorceIf you’ve filed for divorce in Jackson, Mississippi, or are considering filing for divorce in these new and challenging times, you might be wondering how the coronavirus pandemic might potentially impact your divorce. The Law Offices of Malouf & Malouf, PLLC is a divorce law firm in Jackson, Mississippi that works with individuals who are filing for divorce and our firm is here for you now. Even in the best times, divorce can be an incredibly stressful legal process that involves child custody matters and division of property. In the era of coronavirus, divorcing couples have additional things to think about. Even though some of Jackson’s stay-at-home orders have been relaxed, the Clarion Ledger notes that a return to normal is still some time away. What does this mean for your Jackson, Mississippi divorce? Here are four things to keep in mind if you are thinking of getting divorced as the covid-19 pandemic continues to unfold:
- Changed Finances. Many people have seen a reduction in their retirement accounts and a reduction in savings. Others have been laid off from their jobs. When it comes to dividing investments, bank accounts, and retirement funds, these days, there’s likely to be less to divide. Keeping in mind your financial plans, and how much money you’ll need to retire and to live comfortably is important as you navigate the process of dividing assets during your divorce.
- Selling the Family Home? Now might not be the time to put your home on the market. With restrictions in place and with many families facing financial uncertainty, it isn’t clear where the housing market will go once restrictions ease. So, if you were thinking of selling the family home and splitting the proceeds, this may no longer be an option. However, there may still be many options available to you and your former partner when it comes to splitting the equity of the home, which can include refinancing the mortgage, buying out your partner’s share in the home, or taking into account your family’s whole financial picture when dividing the home. Another issue to consider if you want to keep the home is whether you can afford to take on the mortgage and other expenses on your own in this time of financial uncertainty.
- Child Custody. With children out of school and life dramatically altered, parents need to consider how they will arrange their child custody and parenting time agreements in this era of social distancing. It is estimated that we may need to socially distance for some time. Many parents have needed to adjust their parenting plans to accommodate our new reality.
- Check in with your divorce lawyer about court closures and changed procedures. Malouf & Malouf can help you navigate all aspects of your divorce, from filing divorce papers to splitting assets, and finalizing your divorce.
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