5 Financial Tips for Anyone Getting Divorced

Divorce and Finances Are A Tricky Business

Divorce_MoneyDivorces are notorious for causing a big financial strain on both parties involved. You’ve undoubtedly seen many high profile divorce cases where one spouse lost nearly everything in the divorce, forcing them out of the luxurious lifestyle they had become accustomed to.

While you might not be rich and famous, the fact still remains that your divorce can be very costly. It can cause you to have to adjust your lifestyle to fit your new financial reality. If you’re not prepared, money can cause a huge amount of stress during and after your divorce.

That’s why you should follow these 5 sound financial tips.

1. Pay close attention to your spending-When you’re going through a divorce, you’re being slammed with a range of emotions. Maybe you’re depressed. Maybe you’re confused and having a hard time accepting reality and adjusting to your new life. A lot of people cope with their emotions by going out and spending money, usually on things they don’t need. There’s nothing wrong with taking care of yourself and giving yourself the occasional treat during a difficult time, but you really have to keep an eye on your spending before it reels out of control. If you let yourself spend more than you can comfortably afford, you will find yourself in a bad financial situation for the start of your new life as a single adult.

2. Take care of your credit card debts-Have you racked up a lot of credit card debt during your marriage? If your credit card debt is more than you’ll be able to pay off, you may be able to work out an arrangement with the credit card companies to settle your debt for a lesser amount than what you really owe. This way, you can start the next chapter of your life without being buried in credit card debt, thus giving you a solid financial foundation.

3. Don’t be afraid to ask for help-Everyone knows that getting divorced is hard on you, both emotionally and financially. You likely have people who love you and want to help you through your divorce in any way they can. Don’t be ashamed to ask for their help. For instance, you may be able to borrow money from your family to help pay down your debt at a much lower interest rate. Your loved ones will often help if they’re able to, and you’ll be able to lighten some of your financial burden.

4. Hire a qualified divorce lawyer-You might be wondering how spending money hiring a divorce lawyer is going to help you financially. Here’s how. A qualified, affordable divorce lawyer will be able to give you sound legal guidance that will help you save money in the long run. Your lawyer will fight to ensure you get fair asset distribution, child support, alimony, etc. If you try to represent yourself during your divorce, you’ll likely be lost and could end up getting an unfavorable outcome to your divorce.

5. Consult with a financial specialist-A financial specialist will be able to assess your current financial situation, offer advice, and help you budget for your new lifestyle. With a good financial plan in place, you’ll be all set for success.

Don’t let your finances stress you out. Follow these tips to prepare yourself for financial security after divorce.

About the Author

Jeff Miller

Learn more about Tampa Divorce Attorney and Florida Uncontested Divorce at DivorceYes.Com.

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