If you’re going through a divorce or thinking about leaving your spouse, money is no doubt one of your primary concerns. Divorce often brings the anxiety of not knowing how much money you’ll have to live on or to retire with. If you have children, you may also be worried about their future.
While some of the uncertainty associated with a divorce can’t be helped, experts suggest that there are five steps you can take to help maximize your feeling of financial security as you’re going through your divorce.
First, experts advise not going deeper into debt. The reason? Acquiring more debt will stretch your monthly income even further and could send your credit score plummeting. They recommend that you avoid taking on any additional debt unless it’s an absolute emergency and keeping your credit cards well below their maximum limits.
Second, experts advise that you learn to choose your battles, and try to keep your emotions out of the divorce. If you’re feeling frustrated and you need to talk to someone, they recommend speaking with your friends, not your divorce lawyer.
Third, experts recommend that you can afford housing on your own income. If you can’t afford to stay in your home, your attorney needs to know that as soon as possible. It doesn’t mean you’ll lose your home; it just means you need to explore all your options.
Fourth, experts urge people to pick the divorce attorney that is best for them. This may involve individual research or asking around among your divorced friends. If you’re a shy person, perhaps an aggressive lawyer is a better option. If you and your spouse can talk some things out, perhaps hiring someone who’s skilled at divorce mediation might be an option.
Fifth, experts recommend that you take time to understand all of your financial options. Specifically, don’t make any moves until you fully understand the details of each choice you will have to make. Consider hiring a financial advisor if you want money advice beyond what your divorce lawyer can provide.
Stay tuned for more from our Ft. Worth family law blog …
To learn more about dissolution of marriage, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal or financial advice.
Source:
The Huffington Post, “Top 5 ways to ensure financial security during your divorce,” Brendan Lyle, April 23, 2012
