3 Recommended Tips Not Let Divorce Break You Financially
Nothing hurts in this world like termination of a marital union; it hurts to the last nerve. It is even worse and daunting when you and your partner share a joint account. Who’s to blame? I guess it’s neither of you. Sad to say it’s hard to leave an abusive partner if you aren’t yet financially stable. If you were both stable but share assets such as mortgages, divorce won’t be a thing to meddle with. Yes, you can start over as a man or a woman, but there are tons of things that you need to consider.
Divorce is something that couples hate to foresee, especially if there are children involved. I am not saying that it’s safe to live in an unhappy union. But if you feel like you are in a trap, it’s time to let go whether financially independent or not. However, partying ways doesn’t mean that you have to depend on debts. This article will ideally help you to cope with financial constraints. At a start, you have to know how you’ll start over when this happens. Secondly, learn how to survive all by yourself. Not to mention the recovery process of getting what you owned previously is also important. Read on.
*Yes, people will fall in love while others will fall out of it. What am I saying? It’s advisable to concentrate on the current situation instead of crying over spilled milk. If need be, consider talking to your partner about your next goal. If children are involved, prepare them in future even when you aren’t together. This includes, paying school fees as well as their needs and wants.*
1. Starting Over
It’s always good to be on the safe side, so they say. Instead of planning for that fateful day, it’s good to plan on time(just in case). At times it’s ideal to have that positive thought of staying together till death do you part. Just like tomorrow, you never know what it will bring. In that tone, you need to plan ahead of time. To do this, consider:
Have a Separate Account Instead of a Joint Account
Be safe than sorry; there will still be life to be lived after divorce. You’ll have errands to run, children to care, and a sustainable income is what you need. Before anything else, consider taking a fresh look at your money management. If you are a shopaholic, close that chapter and focus on the future.
It’s appropriate to have an investment account instead of a joint bank account. If you happen to have a joint account, make sure you have reviewed your details from end to end. Ensure that you have closed the account but take what you deserve. To avoid further surprises, prepare a list of your debts as well as properties. The exercise will lead you to make a profound decision in the end.
If you have already made up your mind on living your partner for good, answer the following questions.
- Will you have a sustainable income after the breakup?
- If you were a housewife, is your ex-spouse ready to give the support for you and your children?
- What amount will you be expecting at the end of the month?
- Will you consider having another side hustle?
After a divorce, there’s no doubt that you won’t be in your financial freedom state. Your budget will be concentrated more on needs more than wants. It will come to a point where your spouse won’t take care of you anymore. To avoid such cases, try to develop a detailed budget.
You have to learn how to hold on to that option B plan just in case. If you have some property at hand, rent it and save for emergencies. You can also agree with your ex-spouse to sell your apartment and share the cost. And all this leads to “Just in case.”
Be On the Lookout
Frankly, when it comes to preparing for divorce, there’s one thing that starts to disappear without anyone’s consent. Thus, account statements. When scanning and securitizing about your life, first collect all the visible statesman’s and pile them together. When dealing with the divorce settlement, the process will help you tons. Some of the items you have to jot down early include Liquid Asset, Real Estate, Personal Property, Retirement assets and so on. As you continue to work through your assets, consider splitting them in right sequence: Wife or Husband. The end plan is to have a survival plan “just in case.” Hope I have brought my point home.
Have a Professional Team
Before anything else, consider hiring a stable and trustable team to help you with the divorce process. In all, you have to know them personally before hiring any of them. Consider having a lawyer, accountant, mediator, a therapist and a business evaluator. Don’t think about the cost at this time. You’ll know the importance of the said professionals as time pass.
I understand you’ve gone through hell, but your situation shouldn’t eat you up. Instead act fast and recover with less effort. To do this, you need to come up with a financial plan first before going out on vacation. Make sure you have indicated your real plan based on your present income. If you don’t have a plan, you’ll live with tons of wishes for the rest of your life.
Another simple thing is to invest in your true self. You can do this by taking back your paused course at your local university. No matter what you do make sure you’ve upped your skills and career. This will increase your earnings and saving plan. Above all, employ confidence and positive results in your life. If need be, read inspirational books and note them down.
Cut Your Expense by Half
There’s nothing sumptuous in this life than learning how to live within your means. I know, you want to visit that elegant hotel soon, but you’ve got no choice than to opt out. Make sure you’ve changed your routines since you are now single. When receiving that end month payment, scrutinize and manage every penny to the end. With tons of bills to cater for, you have nothing else to do than to obey the “chill” rules. Having a decent lifestyle is the way to go.
In Addition to the basics, you need peace of mind at the end of the day. To do this, forget about the past ordeal and focus on yourself. To avoid future surprises, plan ahead, and everything will follow suit.