How will divorce affect your financial future?
If you decide to divorce your spouse, you probably have a very good reason for doing so. It’s not an easy decision, but it may be the best way to get your life back on track.
As you prepare for the divorce, turn some of your attention to the future. More specifically, focus on the impact of divorce on your financial future.
While doing so, here are some key questions to answer:
- Have you created a post-divorce budget? This outlines your income and expenses, providing a clear overview of your financial circumstances and whether you need to make any changes to your spending habits.
- Do you have the means to earn an income? If you had a job during your marriage, you’re likely to have it once you divorce. But if you were a stay at home parent, you’re in a much more difficult spot as you need to seek employment.
- Will you receive child support and/or alimony? Both of these can help you financially post-divorce. If you have physical custody of your children, your ex may be required by the court to pay child support. This will provide you with money to care for your children. And depending on the circumstances of your marriage, you may also be entitled to spousal support (either temporarily or permanently).
These are just a few of the many questions you can answer to protect your financial future as you prepare for and move through the divorce process.
When you’re on the right track, you’ll find it easier to focus on the ins and outs of your divorce and how to best protect your legal rights.