Divorce is an expensive process for which you might not really be prepared. There are many different things that can impact how your finances will change when you file for divorce. Thinking about these now might help you to avoid having to deal with unpleasant surprises in the future.
One of the primary things that you need to think about right away is the ways in which you’ll need to adjust your spending habits now that you will have to support yourself on only one income. This might be a big deal, especially if your ex was the primary breadwinner. Think beyond the immediate period and look at what you need to do to have financial stability in the future.
As you are going over your budget for your single life, you will get an idea of what needs to happen with the property division process. You don’t need to have a lot of expense-heavy assets in this process if you are going to be on a limited income. You also don’t need a disproportionate share of the debts. Be realistic with yourself about this matter because it can mean the difference between financial peace and stress.
Depending on the circumstances of your marriage and divorce, you might have to pay support to your ex or for your children. Add these amounts into the budget if you are going to have to pay for them. These can take a good chunk of your income each month so you will have to plan carefully to be able to pay them. Failing to pay these can result in legal action, which could also be costly.
Source: The Balance, “How to Deal with the Financial Impacts of Divorce,” Deborah Fowles, accessed May 04, 2018