Financial planning should start as soon as divorce talks begin

| Nov 30, 2018 | Uncategorized

The divorce trend is on a downturn in the United States. This is due in large part to millennials choosing to delay getting married. Even still, there are thousands of couples that decide to throw in their towel and get divorced every year. While many people talk about how difficult it is to cope with the demise of their marriage, even less of them speak about how divorce impacts their finances.

If your marriage is crumbling and you have time to get your ducks in order, then it may serve you well to consult with a financial planner to discuss what income you generate, what your expenses are and some money-smart strategies you can employ in order to grow your savings.

They’ll likely remind you that, once you walk away from your marriage, your ability to cover your expenses will decrease and that some of your monthly debt obligations or bills may increase.

One smart money tip that they may recommend is to even slow or completely halt your discretionary spending on things such as entertainment, clothes or eating out until you have a better idea as to where divorce negotiations are headed.

If things aren’t looking good for you, then they may recommend that you reevaluate your budget. Some money-saving tips that they may suggest are that you cut out some unnecessary expenses or that you move into a smaller home. They may also recommend that you secure a better job so that you can afford everything that you need to.Another good piece of advice that they may offer you is to set up an emergency savings account or to take out a short-term or long-term disability insurance. If you do the latter, then you’ll be eligible to continue receiving an income if you become unable to work because of an illness or injury.

Dividing up assets is the second most contested issues in a divorce right behind child custody matters. When a marriage isn’t working out, it can be difficult knowing who you can turn to for help in weathering the psychological, emotional and economic struggles that you face. A Kissimmee property division attorney can provide that strong voice of reason and experience that will help you get a resolution in your case.

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