A divorce is one of life’s major events, and, depending on the circumstances, this parting of the ways can become an exercise in frustration.
You want to take steps to enable the divorce process to go as smoothly as possible. Here are four tips to help you avoid mistakes.
1. Create your personal balance sheet
Most people do not receive a formal financial education. If you are a member of this group, you need to familiarize yourself with your current financial circumstances so you can better prepare for the future. To begin with, make a list of your assets and debts, noting which are marital and which are separate. Give your divorce attorney a copy and keep one for yourself.
2. Remain engaged
The divorce process can be exhausting, but you must stay engaged. For example, you may dread property division, but remember that the more organized you are the easier it will be to keep on top of this phase of the divorce.
3. Avoid unrealistic lifestyle expectations
After the divorce, do not expect to have the same kind of lifestyle you had during your marriage. You may have to downsize and tighten your budget. The personal balance sheet you develop ahead of your divorce will help you understand how to achieve financial security.
4. Anticipate changes
Finally, keep in mind that in anticipating an equitable split of your marital assets you may be ignoring the probability of future changes. A job loss, debilitating illness, major asset depreciation or change in the health of your child can result in unexpected expenses. Rely on legal guidance to help you prepare for the possibility of major life changes in the post-divorce world.