Wednesday, March 16, 2016, PM | Leave Comment
You’ve made the inevitable decision to move on alone and get a divorce. While some are happy to move on, others are brokenhearted at the prospect.
Either way, you are going to face many financial decisions.
The time has come to put your emotions aside, dry your eyes, grab a pencil and calculator, and begin planning your financial strategy.
Perhaps the most significant expense you will have to negotiate is the cost of an attorney. If you and your soon-to-be ex can still cordially converse, then you may want to consider mediation.
Often what begins with mediation ends in litigation, for which a skilled, qualified attorney will need to be retained to defend your best interest.
An attorney is one of the best investments you can make during a divorce. They can help you with many different legal concerns, such as the process of calculating alimony in South Carolina.
Divorce is often the most difficult for the children. You certainly don’t want to burden your children with financial stress in addition to the emotional worries they may be feeling during this most difficult time.
Depending on the age of your kids, monthly child support payments is an expense that must be factored in to the post-divorce financial plan.
Spousal support is the monthly payment one spouse pays the other, usually by the spouse making the higher income.
The intent is to try to provide a more even income distribution to the spouse earning less, without placing the paying spouse in a financially unfair situation.
The higher income earner needs to be very aware of the amount of the court ordered alimony as well as the duration of the monthly payments.
What once was one house, one mortgage, one electric bill, and one tax bill is now two.
If the budget was strained while married, it will likely be nearly impossible when most expenses that once were shared are now doubled.
Be sure to make a list of extra expenses you will have to cover so you can adjust your budget as needed.
Healthcare premiums can become quite expensive if not covered under your employer’s company policy.
It’s important to start looking now for other insurance options if you are covered under your spouse’s plan.
Joint assets will usually need to be split 50-50, and you need to consider the cost and fees associated with the liquidation of property, retirement and investment accounts.
Divorce is a very emotional life-changing event that can throw your financial world into turmoil without a proper financial plan.
While you never planned to fail when you said “I do”, failing to plan for the single life could be catastrophic without the right knowledge and assistance.Facebook.com/doable.finance