How to Cope with the Financial Implications of Divorce

Many distressing and emotional issues arise from divorce, but one that can cause specific, long-term problems are financial implications. Many financial issues can arise from a divorce, and you need to be aware of them before you start proceedings. That is one of the reasons why remaining calm and considerate to each other can be a good way to keep your finances in relatively good health.

Providing for Your Children

There are many reasons why your children together need to be high on your list of priorities, and one of them is financial security. Whether you are retaining custody of the children or not, there has to be a financial commitment to them that will keep them safe and happy. For example, if your partner needs alimony to help support your children after the divorce, then denying that could put your kids in an unsafe and uncertain situation. Even if you are still arguing about the dissolution of marriage, you can still try to come to an agreement.

Dividing Property

If you don’t have a prenuptial agreement, then you will need to reach an agreement on what happens to the house and its contents. Many couples choose to sell the home and contents and split the money in half, though this can be adjusted if one of you has the children as well as they need to be supported. There are many states that enforce the 50/50 split in property which can make the decision easier for you.

List Your Marital Assets

Before you go to an arbitrator or an attorney, it is a good idea to make a list of your marital assets. These are things that you have acquired during the marriage such as property, cars, furniture and even tax refunds. Ideally, you should be doing this together to make things easier later, but that might be too difficult to achieve. There are also other things that you need to do to make the assets even and appropriate. One of them is getting the details of your partners work assets and salary. Doing this can cause difficulties, with your spouse, but it is essential, and they should be doing the same thing with your employer.

How Can You Protect Yourself Financially in a Divorce?

By far the best way to protect yourself financially is prevention. That means you either don’t get divorced, don’t get married, or have a prenuptial agreement. If you enter a relationship that you feel is going to progress, then you need to start thinking about your assets and finances. It might not sound romantic, but it can save a lot of heartaches later. Start by canceling joint accounts and credit cards in joint names and open individual ones. It won’t protect you totally, but it will help.

Finances are not something that should be more important than anything else in a divorce, but, it should be dealt with fairly and with all parties provided for.

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2 Replies to “How to Cope with the Financial Implications of Divorce”

  1. Linda Manns Linneman says:

    Divorce is so hard and stressful for everyone. These are some great things to think about. Thank you so much for sharing

  2. Tamra Phelps says:

    Oh, boy, I remember when my parents divorced in the 70’s. Women were so unprotected then. My mom had to fight continually just to get child support.

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