Regardless of the circumstances surrounding your divorce, you can’t get so caught up in the moment that you overlook the impact it will have on your future.
One of the most important things you can do is financially prepare yourself for life after divorce. Doing so allows you to make sound decisions during your divorce, while also best caring for yourself and children (if you have any) in the future.
Here are some questions you can answer to ensure that you’re financially ready for post-divorce life:
- How will you earn a living? If you have a job, you already know the answer to this question. But if you were a stay at home parent during your marriage, it’s critical to consider where your income will come from in the future.
- Where will you live? This depends largely on who gets the family home as a result of your divorce. If you’re not staying in the home, consider all your options.
- Do you have a budget? It’s important to understand your income and expenses, with a clear breakdown of where your money is going every month. The sooner you create a post-divorce budget, the sooner you can tweak it to suit your new financial normal.
- How will you afford everything your children need? This varies from one person to the next, so there’s no simple answer. For example, if you have physical custody of your children, you may receive child support from your ex. When combined with the money you earn, it may be enough to cover your childcare expenses. This goes along with creating a budget.
Even if you do your best to financially prepare for life after divorce, you’re likely to run into surprises and challenges along the way. How you deal with them will determine what you experience in the future.
As you prepare for divorce, pay close attention to anything that will impact your finances, such as property and debt division, child support and spousal support.
When you understand what’s happening and know how to protect your legal rights, you can be confident in your ability to tackle everything your post-divorce life brings your way.