Divorce will alter your life in a number of ways, including your current and future financial circumstances. The decisions you make now will have a big impact on how you’re able to live down the road.
Here are a few details to focus on as you prepare for your financial future during divorce:
- Asset and debt division: In short, you want to secure as many assets as possible, all while limiting the number of liabilities you take on. You won’t receive every asset in your divorce, but you should fight for what you deserve. Neglecting to do so will harm you in the long run.
- Alimony: If you have an argument that you should receive alimony from your ex, it’s important to learn more about your options and legal rights. These payments can go a long way in keeping you financially stable post-divorce.
- Child support: For example, if you have physical custody of your children, your ex may receive a court order to make child support payments. Make sure you receive every payment, in full and on time, as it helps you raise your children.
- Budget: Forget about the budget you had in place during your marriage. This won’t do you any good in the future. Your income and expenses have changed, so you must alter your budget accordingly. Start the process as soon as possible, so that you’re not surprised in the future.
- Housing: Some people fight to stay in their family home. Others are willing to give it to their spouse because of the financial burden it would put on them. Have a plan in place for where you’ll live after your divorce, with a focus on finding a safe place that you can comfortably afford.
These are the types of steps you can take to prepare your finances for life after divorce. When you do these things, you’ll feel better about the future while also having a clear understanding of what to expect during the divorce process.
Divorce is sure to alter your financial circumstances, but you don’t want to be taken advantage of during this challenging time. You have legal rights, so protect them to secure the best future possible.