One of the hardest parts about divorce is the having to deal with financial issues. All throughout your marriage, you and your spouse have enjoyed the luxury of living in a two income household...
One of the hardest parts about divorce is the having to deal with financial issues. All throughout your marriage, you and your spouse have enjoyed the luxury of living in a two income household. Now, as the marriage is winding down and it appears that divorce is inevitable, both you and your spouse will have to make the adjustment from living in a two income household to just living in a single income household. Making that adjustment is not always easy.
During the final months of the marriage, we recommend that you sit down and give some serious thought to the future and DO think in terms of your personal finances. In order to help you along in the planning process, we have provided this article and the list of financial issues below.
Below is a list of four finanical issues for you to consider. Remember one of the worst parts about the divorce process is having to deal with financial issues and the uncertainty surrounding your financial issues. So long as you read the rest of this article and so long as you take our advice above and 'plan ahead' you will probably be just fine throughout the divorce process.
Financial Issue Number One: Monthly Bills. Again just like we stated above, during the divorce you are going to have to make the adjustment from living in a two income household to now just living in a single income household. Take our advice and calculate to the penny what your monthly income is. After you have done so, then calculate to the penny your monthly living expenses. In the event that your living expenses exceed your income, we recommend that you simplify your life as much as possible.
Financial Issue Number Two: Bank Accounts. During the final months of the marriage go ahead and make arrangements to close down all joint bank accounts. While you are doing that, go ahead and make arrangments to open up a separate bank account that is in your name and not your's and your spouse's names together. Once the divorce process gets underway, you will be glad that you did.
Financial Issue Number Three: Legal Fees. Divorce is not cheap. This is true regardless of whether you have a peaceful divorce or an ugly divorce. With regard to planning your finances during the divorce, give some thought to how you are going to pay for legal fees.
Financial Issue Number Four: Child Support. Once the divorce petition gets filed and you and your ex begin to commit to a settlement, one of your will have custody of the children and the other parent will be ordered to pay Child Support. In the event that you are the parent who is ordered to pay Child Support, give some serious thought beforehand about having that additional expense.
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