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In divorce, your financial well-being is at risk

On Behalf of | Dec 9, 2020 | Divorce

Should you feel that divorce is in your best interest, there’s nothing that should stop you from going down this path. And that even holds true when it comes to your financial well-being.

Despite the pressure that divorce can put on your finances, there are steps you can take to protect yourself.

Here’s what you should do:

  • Create a property and debt division checklist: This helps you understand your financial circumstances, including what is and is not subject to division in your divorce. Use this to gain a better overall understanding of your finances and how divorce will affect you in the future.
  • Consider where you’ll live in the future: This is a top concern among many people. Look into all your options, ranging from staying in your family home to moving out and buying a new property.
  • Consider how you’ll support yourself: For example, if you were a stay-at-home parent while your spouse worked, you need to take decisive action regarding how you will support yourself in the future. This may also lead you to learn more about the possibility of receiving spousal support.
  • Create a post-divorce budget: This helps you better understand where your income is coming from and how many bills you have to pay each month. Your budget can and probably will change as you move through the divorce process, but you should at least get the basics in place.
  • Don’t make any rash decisions: Even though your financial circumstances are changing by the day, don’t let this lead you down the wrong path. For instance, now isn’t the time to make a large purchase, such as a new car or vacation home. Also, it’s a bad idea to attempt to hide assets from your soon-to-be ex-spouse.

Even though divorce puts your finances at risk, it doesn’t mean you should stay in your marriage and hope for the best. You have legal rights and by protecting them you can position yourself for financial success in the future.

Once you decide to divorce, take a strong look at your finances so you can make the right decisions at the right time.