Once you start your divorce, things can move quickly. You can feel pressured into making decisions without proper preparation.
While you do not want your divorce to drag, you need to allow time to get your thoughts together and take a realistic look at your finances.
Divorce can affect your finances for years to come
Consider a wide timescale when working out what financial arrangements you need to achieve in a divorce. Here are some things to consider
- The short term: Let’s imagine your spouse is the primary earner. Perhaps you have a less well-paying job or dedicate your time to raising the kids and running the household. You need to ensure your spouse cannot cut the money supply to you while the divorce is going through. Or that you have enough saved to pay legal fees as well as put food on the table and pay your bills. If you move out during divorce, this could push your costs up further.
- The first few years after divorce: It can take time to find your feet and ramp up your earnings post-divorce. Research shows women take longer to recover financially from divorce than men. They are more likely than men to have stepped back from work to raise a family.
- The distant future: Divorce can wreak havoc with your retirement plans. Depending upon your age, you may not have much time to repair that damage. Seek legal help to understand what happens to retirement plans, pensions and health insurance when you end your marriage.
Finding focus can be challenging due to the emotions involved when your marital relationship ends. Having the right legal help makes it less likely you overlook crucial issues and sell yourself short.