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Financial preparations necessary when divorce beckons

Finances will always play a huge role in any divorce. Even if you have a relatively simple life with few assets or pieces of property, there will still be a significant financial discussion that needs to be had during your divorce. In addition, once your divorce is finalized, you should be prepared for a big change in your lifestyle and the way you manage your finances.

Couples need to prepare themselves for three big parts to their financial lives once they decide it is time for a divorce. The first is debt. Even if the debt "isn't yours" from a subjective point of view, what matters is whether your name is attached to it. If your spouse bought a home, but your name is attached to the mortgage, then guess what? You are responsible for that debt. So put aside your grievances (so to speak) and pay down any joint debt that you and your spouse share as soon as possible.

Secondly, make sure that the issues that you do dispute or argue over during the divorce are the ones you truly care about. Bickering over minor issues doesn't help anyone. Let those things go. Prioritize the issues in your divorce that you care about most and focus on them. The other things, just let them fall by the wayside.

The third tip is what we mentioned above: be prepared for a change in your financial lifestyle after a divorce. A lot will change for you personally, but your spending habits need to come in line with a single income for an individual person. If you can keep your checkbook balanced and work towards a healthy financial life, it will benefit you greatly.

Source: NerdWallet, "3 Ways to Avoid Money Mistakes During Divorce," Shawn Leamon, July 13, 2016

 

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