4 financial mishaps to avoid in divorce

On Behalf of | Jul 17, 2020 | Family Law

You’ll have many concerns as you prepare for the divorce process, including those associated with your current and future finances.

When you avoid financial mishaps in divorce, it’s much easier to efficiently move forward with your life.

Here are four setbacks that have impacted many people before you:

  • Neglecting to create a property and debt division checklist: With this, you’ll have a clear idea of the assets and debts that are subject to division in your divorce. You can also use it to assign a value to each item, while also noting if it’s individual or marital property or debt.
  • Waiting to find a place to live: For example, you may assume that you’ll stay in your family home, but soon find that this isn’t possible. While it’s an option, you want to have several back-up plans in place to ensure that you have a safe and affordable place to live post-divorce.
  • Forgetting to create a post-divorce budget: With so much going on, it’s easy to overlook this very important step. But without a post-divorce budget, you’ll have no idea of what types of financial changes you need to make. It may not be 100% accurate the first time you create it, but don’t hesitate to take action as soon as it makes sense to do so.
  • Overlooking the impact of child support and spousal support: You may be in line to receive one or both types of support. Or maybe it’s clear that you’ll have to pay one or both of these. Either way, it will impact your finances. Preparing to receive or make these payments will go a long way in helping you hit the ground running after your divorce is in the books.

You can’t read the future, but you can do your part in protecting against financial mishaps during and after the divorce process.

Once you have a clear understanding of your situation and what you need to accomplish, take steps toward solidifying your financial plan.

As you think about the future, don’t lose sight of the here and now. You want to protect your legal rights in divorce, as it will prepare you for better things in the future.