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Prepare for the financial aspects of divorce

Financial impacts of a divorce are often difficult to handle because you might be going from a two-income situation to a one-income household. This transition might take some changes, but you can get it all handled with proper planning.

One of the most important things that you need to do right now is work with a lawyer who is willing to stand up for what is in your best interests. This includes making sure that your property division settlement isn't one-sided. You don't need to be saddled with all of the debts and none of the assets. You also don't want to have to deal with all of the assets that are going to cost you money and none that are going to provide you with an income.

Another thing that you need to do is to keep a hold on your credit report. Divorce can have a negative impact on your credit score. One thing that it might impact is your payment history if your ex doesn't pay joint accounts as indicated in the divorce agreement.

Your debt-to-income ratio will likely change to reflect the change in income that come with the loss of your ex's income. This might eventually settle down to a better level once joint debts are paid off and you are only having to deal with the debts that you incur on your own.

As you begin to settle into your single life, you will need to look toward your financial future. Creating a budget might help you with this. Remember that a little sacrifice now might help you have a better grasp on your finances later.

Source: Forbes, "How To Succeed Financially During And After A Divorce," Mark Avallone, accessed April 12, 2018

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