We sincerely hope you never have to go through the trauma of a divorce. On an emotional level, as well as a financial level, this can be a traumatic experience. Still, to help you should the unthinkable happen, we have some advice for you here.
While still married
Your married life may be all sunshine and rainbows today, but people can change. Breakups do happen, for any number of reasons. As a precaution, it is worth speaking to a prenuptial agreement lawyer to safeguard your assets, as this will take away the stress of your then ex-partner trying to walk away with anything that belongs to you, be that the money in your bank account or the items you own. It will also save you the stress and trauma of legal court battles should divorce take place.
When divorce is pending
Don’t delay putting a plan into action. If your marriage can’t be saved, and divorce is a real possibility, you need to think of your future. You need to create an inventory of your personal belongings and assets, as well as any shared financial assets, and then seek legal counsel about the way forward. Having that prenuptial agreement will help here, as there will be less stress and bitterness when it comes to dividing up the various assets you have together. In any case, prepare a divorce file with the relevant documents that pertain to the finances in your home, and speak to your legal advisor about the divorce settlement. And as this article explains, you should also speak to a financial advisor for extra advice to manage and structure your finances going forward, to secure both you and any children in your relationship.
Now is also the time to prepare that financial cushion. You will be living on a lower income, so you need to consider your position. If you are not already being forced out of your home as a result of the divorce, you should still consider your living arrangements, as downsizing may be both a practical and financial solution in your situation. You should also start to accumulate any extra money you have each month, as any savings you make now will come in useful when your financial position changes in the months to come.
After the divorce
Your life will be very different than the one that came before the divorce, and your financial position may have been reduced. After securing what is owed to you legally, you still need to manage the money you have. Seek help if you are struggling with debt, which may be the result of any court battles, issues around your reduced income, or joint debts that you previously had with your partner and start to budget your finances to accommodate your new lifestyle. Let the relevant people know about the divorce, including your bank and credit agencies, as you now need to separate your financial life from the one you held with your partner. And then move on into your new life. It will be tough for a while, but as many people have attested to in the past, life will go on, and you will survive the ordeal, emotionally and financially.
Let us know if you have further tips for our readers. Take care, and thanks for reading.
*This is a collaborative post.
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