Divorce and Finances
Keeping your eyes on money matters during a marital breakup is important, yet often the last thing couples want to face. Divorce can play havoc with both of your finances. They say that breaking up is hard to do — but figuring out the dollars and sense of your situation during and after a divorce can be even harder.
Here are four ways to help you stay out of trouble:
1. Hire an experienced family law attorney. One who will be able to counsel you on what your financial picture is going to look like after the divorce. Their advice on what to do with your joint accounts, credit cards, investments and debt is key to starting anew and protecting your credit and future.
2. Realize what was, no longer is. The spending patterns you had pre-divorce may not be feasible. Let the dust settle. You’ll find yourself making adjustments to your new economics. Be conscious of your current circumstances and spend accordingly.
3. As a precaution delay any major financial buying sprees for at least six months to a year after the divorce is finalized. Try not to use high ticket purchases to salve your wounds and hurt. The financial burden may backfire.
4. Watch out for the urge to spend on your children in order to ensure their affection. It’s human nature to worry about losing the love of your kids. But showering them with more than usual gifts can signal your fears and play into their ability to manipulate both of you.
Creating two households from one are just the initial costs of separation. With your attention to divorce money wake-up calls, you can help protect yourself from unnecessary emotionally-charged expenditures that may lead to serious debt and financial concerns.