After a divorce, there is no surprise that your finances may have to change. You no longer have two incomes to work with, and you have to support yourself on your own. Your home may be twice as expensive without the support of a spouse, and you still have to cover all your own bills.
Before you go through a divorce, it’s important to think about how a divorce will affect you financially once it’s through. When you know how it will affect you, it’s easier to make decisions during the divorce that will help you maintain balanced finances.
The last thing you want to deal with is financial surprises. This is why you should sit down with your attorney to decide if you should ask for spousal support or negotiate for certain assets over others. You want to know how your taxes will be affected and what you can do to limit the financial impact of the divorce overall.
How can you help yourself avoid financial surprises after divorce?
One of the most important things to do is to budget ahead of time. You should sit down with your negotiated assets, debts and other financial factors, and work on a budget that will allow you to live comfortably. Find out how much your housing, food and other expenses will be first. Then, find out if debt will overwhelm you or be less following divorce. Know exactly how long spousal support will last if you’re asking for it. Overall, be informed. With good information, you’ll be better able to plan for your future.