Superstar athletes struggle too
Just recently Robert Meachem, a wide-receiver for the New Orleans Saints, was sent to jail for failing to meet his obligations for family support. In the eyes of the working public, it seems inconceivable that a star athlete who earns seven or eight figures a year would manage to misplace so much cash he couldn't cut a check for his kids' food and clothing. But that is exactly what happened. Apparently signing on the line for a big contract doesn't come with a magic money management degree.
Meachem spent 3 days in jail because he failed to pay his ex-wife almost $400,000 in child and spousal support payments. Although he eventually secured his release from jail, he had to cough up at least $100,000 first. If he hadn't, he would have had to serve a full 30 days.
Meachem was already late on previous payments, which put him in contempt of court. He had been given a second chance to meet that obligation but failed to do so, which landed him in jail. He had testified earlier that he hadn't been paying attention to his bank balances.
Ask for assistance before it's too late
If you are looking at your bank account and aren't sure that you'll be able to keep up with all the bills, it might be time to reach out for some financial advice. It might surprise you that your attorney that helped you work through the divorce is a good place to start when looking for help.
Many divorcees need to undergo a serious adjustment in lifestyle and simply learning the basics of balancing the checkbook when they have separated from the spouse who took care of that little detail in the past. When you take the first step by telling your attorney you are struggling, it could end up helping the entire family in the long run.
Solid financial budgeting ensures your children are cared for
A financial advisor will sit down with you and review all your income, support payments, and other expenditures. They can provide an objective view of what kinds of extras you can actually afford, those that might need to be put aside for a time, and services that may just be eating a hole in your account with no real benefit to the cost.
Meanwhile, if you are going to be late with a support payment, maintaining an open path of communication between you and your family can protect you from further legal actions. Just remember that even if you have led a successful life and enjoyed many of its perks in the past, you aren't the first person to stumble with financial control when you filed for divorce. It's time to put your life back on track and contact your family law attorney and a financial advisor.
When your divorce was finalized and the judge determined how much you would be paying to your spouse and children for support, it appeared to at least make some sense. Your income, expenses and bank account all looked like you'd be able to maintain your lifestyle while seeing to your obligations.
Yet just a couple years down the line you might be wondering where all the money went. This isn't uncommon, even for people with a sizable income. Even celebrities have trouble with support payments.
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