Preparing Financially for a Divorce

Dealing with a divorce can be financially challenging; however, there are several ways you can prepare yourself before the divorce occurs. Here's what you need to know.

Separating from a partner can be an incredibly painful and difficult experience. It's normal to experience a variety of emotions, such as anger or relief, during this time. Unfortunately, you may also experience stress. These feelings can make it particularly difficult to focus on moving forward with your divorce, especially if you're struggling with one of the most common divorce issues: financial stability. Separating from a partner can be quite costly. Regardless of the length of your marriage, divorce carries with it a number of expenses. Before you separate from your partner, it's important to prepare financially for your divorce. Here's what you need to know.

Understand Your Expenses

First off, make sure you understand what kinds of costs you are likely to incur during this time. Most divorcing adults understand they will need to pay attorney fees, but you may also need to pay alimony and child support, as well. Additionally, when you and your partner divide your assets, you may need to make a payment to them for some assets. For example, if you choose to keep the home you and your partner lived in, you may need to buy them out of their half. This can be financially challenging, so make sure you consider this prior to your divorce. There will be other expenses associated with separating from your partner, especially if you move to a new place. For example, you may need to pay a rental deposit fee, purchase new furniture, or even buy household items, such as new dishes. Each of these expenses can quickly add up and make your divorce quite costly.

Communicate Your Desires

When you're dealing with divorce, you need to make sure you communicate your desires clearly. Your partner may make assumptions about what you want, so it's very important that you speak up and express yourself. Note that you should avoid arguing with your partner as much as possible. Remember that the divorce is likely painful for them, as well. If necessary, meet with a mediator who can help facilitate open dialogue between the two of you.

Speak With Your Attorney

Finally, talk with your attorney about what you can expect. Your lawyer can carefully explain what your projected divorce costs are. For example, your attorney may be able to give you a ballpark estimate of what the attorney fees and courtroom costs will be. The right family law attorney can also help you understand what your rights and obligations are in regards to alimony and child support expenses. Communication with your attorney during this time is very important and will ensure you understand exactly what you're getting into.

When you're ready to start preparing financially for your divorce, meet with your lawyer. They'll be able to help you understand exactly how to start moving forward.