5 Tips for not Going Broke after Getting a Divorce
In today’s economy many worry about the financial burden of getting a divorce or how they are going to pay their bills after a divorce. With a little planning and the tips below you no longer have to worry about going broke during a divorce.
Financial Items to consider when going through a Divorce
1. Sitting down and understanding what your expenses are going to be after the divorce and how much you will need to live on a single income instead of the income from both you and your spouse is important and will keep you from getting yourself in financial trouble.
2. Being honest with your attorney during your divorce will help move the process along smoothly and quickly. Hiding information from your attorney or not working with them will only cost you more in the long run.
3. Do not make every little issue a huge war with your ex. The more you fight with your ex and draw out the divorce process the more money you are going to spend. Pick your battles wisely and focus on what is really important to you.
4. Be conscious of the tax/financial cost of every decision that is being made during the divorce. Deciding who will claim the children is one of the big financial decisions to consider during divorce.
5. Be sure to get out of any joint accounts you and your ex have at the very beginning of the divorce. The longer you wait the more of a chance there is for financial problems. Obtain copies of all three (3) of your credit reports so that you have a clear picture of any joint liabilities.
One of the most stressful components about the aftermath of a divorce deals directly with financial matters. However, by addressing these issues up front, you are much more likely to come out of the divorce with a clear understanding of what you will do with your finances.
Remember, when keeping these tips in mind, it is important to discuss any questions you about finances with your attorney as soon as possible to avoid bigger problems later.