Divorce is challenging, and you’ll most likely be faced with difficult financial decisions that have far-reaching implications. Based on experience helping people through this process, here are four things you can do to ease the process:
- Get professional guidance early.The best time to obtain professional legal and financial guidance is before making decisions that could impact your divorce proceedings and your finances for months (or years) to come.
- Communicate. Keeping the lines of communication open throughout the divorce process is critical for making informed decisions and heading off problems—especially where your finances are concerned. If discussing your finances together is simply out of the question, consider working with a financial professional who can objectively analyze your situation and provide informative recommendations.
- Remember to budget for two households. When making the decision to separate, couples often overlook the fact that their current income will need to support two separate households for an undetermined length of time. It’s important to work together to develop budgets for both households before separating, if possible.
- Take time before agreeing to a proposed financial arrangement. The divorce process can be lengthy and often unpleasant, so it’s common for people to make hasty decisions just so they can be done. That’s where a financial professional can really help, making sure you take the time to consider short- and long-term effects of your financial decisions.
If you’d like help during this process—or think you might—contact the office to schedule a no-obligation consultation to discuss your situation. And if you prefer not to receive future educational emails, just say the word and you’ll be removed from the list.