You know that divorce will change your personal life in a variety of ways, but don't overlook the impact it will have on your finances. If you do, you could find yourself surprised and looking for answers as the divorce process moves forward.
Here are some of the many ways your finances may change during and after divorce:
- Property division: During your divorce, you'll work through the division of property. This means you'll get to keep some assets, but not all of them. It's natural for this to impact your finances.
- Child support and spousal support: If you're required to pay one or both of these, it's sure to impact your finances in the future.
- Legal fees: Going through a divorce on your own is not suggested, so you'll want to consult with a legal professional from beginning to end.
- Division of debt: You know that property division is a big part of any divorce, but you may have overlooked the division of debt. For example, if you have joint credit-card debt, you'll be responsible for paying your portion.
Most people find that divorce is reason enough to review and adjust their budget. Upon doing so, you'll have a better idea of what needs to change in your life moving forward.
It's a challenge to keep everything in order as you move through your divorce, but you can't lose sight of the financial impact.
When you know what to expect and how to proceed, you'll feel good about your ability to protect yourself and your finances during this difficult time.