Financial tips for those going through divorce

Many people have a scripted idea in their head when they think of divorce. They think that the splitting spouses are so upset with each other that negotiation is impossible, litigation is inevitable and that there’s no way the process can be completed in a civilized, efficient manner. While small bits of this idea may be somewhat true, most of that divorce stereotype is false.

There are plenty of ways for spouses to negotiate during a divorce, just as it is possible to get a divorce done quickly and without much litigation. In order to achieve this, and to ensure that your post-divorce life starts off well, here are a few tips to remember about divorce:

  • One thing that trips up divorced couples is debt. You and your spouse (or soon-to-be-former spouse) likely have numerous pieces of debt that have both of your names attached to it. Whether it’s a credit card or a car payment, you will want to pay down and get rid of that debt as soon as possible.
  • Another “big picture” tip is to let some of the smaller, insignificant issues in your divorce go. Contesting certain small issues may fulfill your desire to make your ex-spouse cringe a little bit, but it doesn’t benefit either of you to contest something that you don’t care about. Keep focused on the major issues that are important to you, and let the little things be.
  • Last but not least, prepare to readjust your lifestyle after the divorce. Get organized and make sure you implement an affordable lifestyle that will make you happy.

Source: NerdWallet, “3 Ways to Avoid Money Mistakes During Divorce,” Shawn Leamon, July 13, 2016

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