Marriage Failing? How to Stay Financially Secure During the Divorce
Wednesday, February 20, 2019, 6:00 AM | Leave Comment
If your marriage is long past being on the rocks and is now at the point of sinking rapidly, you know that it’s time to file for divorce.
One reason many are hesitant to file for divorce is not that they think they can rediscover their love for their spouse, but because of the financial burden they fear a divorce will cause.
This is how to stay financially secure during your divorce.
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Hire a Financial Planner
Depending on your assets and accounts, you might want to enlist the services of a financial planner. For instance, if you and your spouse share a sizable net worth or have a substantial amount of debt to pay off, you need to make sure that no one is being taken advantage of. A financial planner or other professional will go over your records and help you decide what is best for you.
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Start a New Budget
You should hopefully already have a budget from when you were married, but that’s going to be mostly irrelevant to your situation now. You need to make a budget that reflects your singlehood, from cost of living expenses, like rent or mortgage payments, to potentially purchasing your own car. Make this as flexible as possible in the beginning and adjust it as necessary.
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Open Individual Accounts
If you had a shared checking, savings, or credit account with your spouse, it’s time to get one of your own. It might be hard, but you need to establish your financial independence. Go to your local bank branch and they’ll help you open an account of your own.
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Focus on Savings
Having a spouse can be something of a financial safety net. You may have fewer earnings at your disposal for a period of time, but you can make things work. Along with your budget, you can focus on savings by putting aside a portion of your paycheck every week. You should also be mindful of your purchases and make sure that you are spending your disposal income with discretion.
Your divorce can be a very trying time, but you still need to make sure you’re responsible with your life as always, particularly your finances. You need to approach this new chapter of your life with resolve and patience. As you go over your financial records and brainstorm innovative ways to save money, you can be much better prepared for the coming months. A divorce lawyer can help you through this by advising you on the best options in your financial situation.
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