If there’s one thing most people dread about divorce, it’s the cost. However, with the right amount of planning, you can limit any financial setbacks. Follow these four tips on how to financially prepare for your divorce.
1) Start saving as soon as possible!
If you haven’t yet filed for divorce, the best thing you can do is start saving for whatever life changes you anticipate (and maybe don’t anticipate) once you begin the process. Many divorcing couples may live separately and no longer share household expenses like groceries, gas, and other expenses. Come to terms with this financial reality now rather than later, and start saving for the cost of living as a single person (with children, if that applies to you).
2) Find the right divorce attorney.
The most costly aspect of getting divorced is perhaps how much you will be paying to get through the legal process, a portion of which may have to be paid upfront in some cases. However, if you’ve only been married a short time and have no assets, children, or property, a low-cost uncontested divorce may be your best option. Contact our office to see if this is an option for your case, as well as how we can help you.
On the other hand, if you’ve been married for several years, own property, and have kids, you will need an attorney for the full duration of the proceedings. The cost of your divorce can be significantly reduced, though, if you and your spouse can agree on things like the division of property or child custody early on. Couples who refuse to compromise end up in longer, costlier divorce proceedings.
3) Make appropriate changes to your lifestyle.
One of the reasons divorce can seem expensive is because one party refuses to live with less than they had while married. Changing your mindset and understanding that you may not be able to afford the same pre-divorce lifestyle is key to maintaining your financial health in the long run.
4) Talk to a financial advisor.
Finally, enlist the assistance of a financial advisor who can evaluate your specific financial circumstances and give you tailored advice. Be open and honest about your finances and your spouse’s as well. Together, the two of you should be able to come up with a financial plan to ensure your financial health remains intact, despite the upcoming expenses and costs.
Nothing can fully prepare you for a divorce, financially or otherwise. However, having a sensible and realistic approach to how your life will change in the future is the first step to coming out of the other side of the divorce in strong financial health. Our attorneys can help you make decisions that will also keep the cost of your divorce down. Give us a call today at (949) 353-6151 to discuss your divorce and your options.