![]() ![]() For example, child support typically ends when the children reach a specific age. It will be important to keep track of your payment deadlines and to be aware of situations where you can reduce or stop payments. How will this impact your monthly take-home income?.On the other hand, if you are the one making alimony or child support payments, you have another set of questions to answer. Keep in mind, establishing this policy would require your ex-spouse's written consent. If they died, depending on what assets might revert to you, your income could stop as well. If you weren’t working prior to the divorce, do you need to get a job to protect yourself in case your ex-spouse has trouble making payments, or if your divorce agreement sets a date for when the payments will end? Even if you will receive alimony and/or child support, you might consider purchasing a life insurance policy on your ex-spouse. How does your post-divorce budget match up to your post-divorce income?.If so, what amount is needed to support you?.If you weren't working during your marriage, are you going to receive alimony and/or child support?.Where is your income going to come from after the divorce?.Look ahead to your life after the divorce and answer a few questions about what your post-divorce life will look like. Making this list early can help you avoid surprises down the road. If you haven't already done so, consider making a list of your individual property and your debts. Review any joint credit accounts with your soon-to-be ex-spouse and ensure they are closed or the appropriate name is removed from the accounts. Establish separate accountsĪt the top of your list should be closing any inactive joint bank and investment accounts. Once your divorce is final, there are several steps you can take to help protect your financial future. If you and your spouse can agree to cooperate as you disentangle your estates, your divorce will cost much less overall, and you'll both be better off.įinancial steps once your divorce is final Perhaps the most important way to protect your finances during a divorce is to play nice. While you won't necessarily be starting from scratch, you will be starting over. Accept that your standard of living is likely to change. You probably won't come out of this with everything you hope to keep, so prioritize what's most important to you, be fair about it, and choose your battles selectively. ![]() Whose name is on the title of your car? Are you both listed on your loans? Have you named your spouse as a beneficiary in your will or on your life insurance policy? Gather all of the paperwork you have, and make copies. The cash you build up now will help pay your attorney's fees later. This is a time to squirrel away as much money as you can. Note, all your loans and debts, as well as the bills you pay and the income that you and your spouse receive. Meet with a financial professional before you file, or as soon as possible if you've already begun.įind out how much cash you have on hand, in savings, invested and tied up in equity. Even if you're the one crunching numbers, the financial complexities of a divorce are likely greater than you'd expect. If your spouse is the money-manager in your household, you'll need to build some skills before going it alone. Record deed fees for your home (if you own)Ħ money tips to help you financially survive a divorce.Refinancing costs for your home (if you own).On the other end of the spectrum, LegalZoom says that an extremely inexpensive divorce could cost as little as $500.ĭivorces can run somewhere to the tune of $15,000 to $20,000 for most couples. According to Investopedia, the most expensive divorce in the world was the settlement between Bill and Melinda Gates, an estimated $76 billion. There's quite a broad range of possible price tags. While it's true that no two divorces are exactly alike, there are some things you can do to smooth the financial road before you. Divorce is a complex affair, both emotionally and financially. ![]()
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