Divorce, your finances and the future

On Behalf of | Jun 29, 2020 | Divorce |

Even if you’re 100% prepared for the divorce process, there’s no way of knowing what will come to light along the way. However, that shouldn’t stop you from doing your best to prepare for everything.

Divorce will affect your finances in a variety of ways, so it’s critical that you take action to protect yourself both now and in the future.

Here are some questions you can answer as you prepare for divorce:

  • Do you have a property and debt division checklist in place?
  • Are you sure of which assets and debts are separate and marital?
  • Where will you live post-divorce and how will you pay for it?
  • Have you created a post-divorce budget?
  • Do you need to seek employment to care for yourself after divorce?
  • Will you receive child support or spousal support? Will you need to pay one or both?
  • What steps can you take to assure your ability to care for your children?
  • Will you fight to stay in the family home, or would you rather give it to your ex or sell it and split the proceeds?
  • Are there any assets you absolutely need in order to maintain your lifestyle in the future?

These are just a few of the many finance-related questions that are likely to move to the forefront of your mind as you prepare for divorce. If you answer them, you can better prepare for everything that will come your way. Conversely, if you sweep them under the rug, they could come back to haunt you in the future.

With each question, break it down according to your current situation and future goals. For example, as you consider your post-divorce budget, dig down until you have a clear idea of what your income and expenses will look like. It’s your hope that everything checks out, but there’s a better chance that you’ll need to make some adjustments.

There’s a lot to consider during your divorce, so you can easily get off track in regard to your finances. But if you take the right approach, you can better manage your situation now to ensure financial stability in the future.