As you move through the divorce process, it is only natural to realize that your financial situation will be changing in the near future.
For example, this means that you'll only have one income. It also means that you will only be responsible for caring for yourself (and any children you have).
It's important to understand how divorce will affect your finances. With the right information upfront, you can make decisions that will work in your favor. Here are some of the most important questions to answer:
-- Who will get what? A focus on property division is a must, as this will impact your finances. For instance, you may find that you need to locate a new place to live.
-- What will the divorce process cost? This depends on many factors, including whether or not you go through litigation or mediation.
-- Will you owe or receive child support? If you have one or more child with the other party, there's a good chance that one person will pay child support to the other.
-- Will spousal support come into play? This isn't the result of every divorce, but it's possible that one person will owe the other spousal support.
These are just a few of the many questions that can help you better understand how divorce will affect your finances. Since your life is going to change in many ways, it's a good idea to have a pulse on your money. With this approach, you won't run into any surprises as your divorce comes to an end and you move forward with your life.
Source: FindLaw, "Top 7 Questions to Determine How Divorce Will Affect Your Finances," accessed March 24, 2017