Maneuvering your way through the emotional aspects of a divorce is never easy. Add to that the financial worries related to ending your marriage, and it may seem overwhelming.
Following a few basic tips, however, can help you prepare for a divorce before it begins and then thrive financially afterwards. Make your financial future one less thing to worry about.
Here are four suggestions from Forbes to follow for financial success:
1. Know All Your Assets and Liabilities Before Getting Divorced
If you think there is even a possibility a divorce may be in your future, it’s important to take an inventory of all your assets and liabilities. Make sure you’re aware of all your credit card debt, retirement savings and bank accounts. It’s also important to know what is in your name or your spouse’s name alone, such as credit cards, and which assets and liabilities are in both your names.
2. Choose The Right Lawyer
Choosing an attorney who’s skilled in getting his or her client the best settlement possible can affect your finances for the rest of your life. Make sure to do your homework and check references on any lawyer you’re seriously considering hiring. Taking the time to choose a skilled advocate may seem time-consuming, but it will almost certainly be worth it in the long run.
3. Make Sure Your Children Are Protected
Whether you’re paying or receiving child support, it’s important to make sure the children are protected in case either parent would become disabled or die. This means a parent may need to be the beneficiary of a life insurance policy even after the divorce.
4. Create A Budget That Reflects Your Lifestyle
Most people, at least temporarily, will have less income to live on after a divorce. It’s important to adjust your lifestyle accordingly to prevent any future financial problems. It’s understandable that after a divorce you may want to travel, go back to school or simply go out with friends more often.
If your monthly budget is less than it was, however, consider saving the expensive activities for down the road. While you’re still waiting for the dust to settle after divorce, you don’t want to run up large debts that will sabotage your future.