Anyone that’s been through a divorce will tell you that it is an undoubtedly a difficult and stressful experience. The ending of a marriage comes with a variety of changes in one’s life. Furthermore, the stress isn’t over just because the divorce decree has been entered by the court. Divorce can place significant strain, not just on your personal life, but also on your finances. In fact, it is estimated that typically the complete divorce process can cost each spouse around $15,000. However, there a few ways that you can minimize some of the financial difficulties typically experienced during and following a divorce.
How to Minimize Future Financial Strain While Going Through Divorce
If you’ve decided to file for divorce, there are a variety of things you can do before and during the divorce process that will make your post-divorce life a little easier. There are a few helpful tips for mitigating future financial strain, which include:
Gathering and Understanding Your Financial Records: A big part of divorce involves the division of assets. Thus, it is really a good idea to have a comprehensive understanding and complete documentation of the financial assets of both you and your spouse. Gather all the information you can about bank accounts, retirement accounts, property, and all other assets of financial value. Go back at least five years in the review of your financial statements in order to truly understand the assets that will be subject to division between you and your spouse. This way you will have a decent grasp of what financial assets you will have at your disposal once you begin your new life as a single person.
Consult an Attorney: Divorce at its core is a legal proceeding. Thus, you will need a legal professional skilled at maneuvering this difficult and time consuming process. Though sometimes people try to represent themselves pro se in divorce proceedings, this is not a prudent decision if significant assets are involved. If you enter into a divorce decree without truly understanding what you are signing, this could result in you missing out on receiving the assets that you deserve, thus leading to a rough and expensive transition into singledom.
Open Your Own Accounts: The ending of your marriage means that you have to begin to create your own separate financial identity. This is a difficult process for some, especially after years of being married, but you might as well get started. Take the plunge and open your own checking, banking, and credit accounts. Start saving now for your post-divorce life; this way you will be able to manage unexpected expenses that can randomly arise during and following the divorce process.
Make Decisions About the Future of Your Children: The ending of a marriage can have a big impact on the future of your children. The division of a household creates additional expenses, on top of the typical costs of raising a child. While negotiating your divorce settlement with your spouse, make sure to include real financial commitments regarding your child’s future education, medical, and other expenses. We promise that you will be saving yourself future stress and financial strain by creating legal binding obligations for these expenses before they arise.
Contact a Divorce Attorney Today
Divorce is a difficult process that can create significant financial obstacles in one’s life. However, proper financial planning can make a world of difference, and help you mitigate some of the financial strain that comes with the ending of a marriage. If you have any questions about divorce, or any other family law issues, you should the family law attorneys here at Greenberg and Krieger, LLP in Fairfield County, Connecticut.