With divorce staring you in the face, you can’t waste any time planning for your financial future. It’s critical that you take steps today that’ll position you for success in your post-divorce life.
Here are some of the many financial questions to answer as you prepare for divorce:
- Do you understand your assets and liabilities? Property and debt division can slow the divorce process to a crawl. By creating a checklist, you’ll better understand your assets and liabilities, including what you are and are not entitled to. This way you don’t make a mistake.
- Have you thought about your post-divorce budget? You’re used to budgeting as a married couple, but things are changing. In the future, you’ll need a budget that only takes your income and expenses into consideration. The sooner you have the basics in place, the better off you’ll bee.
- Will child support or alimony impact you? For example, if you’re in line to receive child support, it’s money that you can use to help raise your children. Conversely, if you’re required by the court to pay child support, you must consider how this will impact your finances.
While these are among the most important financial questions to answer as you prepare for divorce, there are many others that you’ll have to address. Don’t hide from these. Tackle them head-on to improve your chance of avoiding trouble.
There’s more to divorce than the impact on your finances, but you can’t afford to overlook this very important detail. The decisions you make before and during your divorce will affect you for many years to come.