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Are Your Finances Ready For Post-divorce Life?

On Behalf of | Jul 7, 2020 | Divorce, Firm News |

When you decide to divorce, it’s easy to focus so much attention on the here and now that you don’t consider the long-term impact on your finances.

It’s critical that you find enough time in your schedule to prepare your finances for post-divorce life. Doing so now will save you a lot of time and hassle in the future.

Here are three things to do:

  • Create a property and debt division checklist: This will give you a clear idea of what’ll come into play during your divorce, thus allowing you to prepare accordingly. Be sure to make note of what’s separate and what’s marital property.
  • Create a post-divorce budget: Don’t assume that you can use the same budget post-divorce as you did during your marriage. This won’t work, as your income and expenses aren’t likely to be the same. The sooner you can create this, the better off you’ll be.
  • Have an idea of where you’ll live: Housing expenses will make up a big portion of your post-divorce budget. It’s a good idea to settle on your living arrangements as soon as you can. Will you fight to retain the family house? Are you okay with the idea of selling your family home and splitting the proceeds?

If you don’t prepare your finances for post-divorce life, you’re making more work for yourself in the future. And that’s not what you want during uncertain times.

By taking the above steps and keeping close track of your financial situation as you move through divorce, you minimize the risk of a mistake costing you time and money, while also adding stress to your life.