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Facing your financial future after divorce

When contemplating a divorce, most people are worried about what is going to happen throughout the process. Will they still be able to spend time with their children? Will they get trapped into a lengthy courtroom battle over the division of their marital property? Will they be able to handle the emotional stress that accompanies many divorces?

While these are extremely important concerns, there is another issue that you need to be aware of as you go through the process. Your life is going to change drastically once the divorce is finalized. You and your spouse will most likely be living in different residences, and this can place a significant strain upon your finances. Putting the right plan in place is a crucial step that you must consider as part of your divorce strategy.

Know what you have, and what you need

Whether you have been married for two years or two decades, you and your spouse have accumulated assets while married. The value of these assets (and debts as well) will be considered when dividing your marital property. Once you learn more about the property that is subject to these agreements, you will be able to better understand the type of agreement that you will need in order to maintain your current standard of living.

For example, if you and your spouse own a home together, in most cases, you both were contributing resources toward mortgage payments and other household expenses. You may want to stay in the house after the divorce, and focus on property division settlements that allow you to do so. However, if you do not have the financial means to keep up with the payments, you may be setting yourself up for disaster.

Stick to a budget

Your plan for the future needs to include a budget that you must commit to in order to lessen the financial strain that you may experience due to divorce. You will have to run an entire household on one income, and if you do not have these resources available, this needs to become part of the property division discussion. There may be creative solutions that can help you avoid a difficult situation.

Talk to an attorney

This is probably the first time that you have ever had to go through anything like this. You will have questions and uncertainties about what you should do or what is best for you and your family. You need to work with someone who can offer you the advice to make the right decisions for your future, and who is also focused on protecting your best interests. The right attorney can help you avoid many of the financial pitfalls that accompany a divorce. 

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