5 Financial Tips for Divorce

In many cases, getting a divorce is a complicated and messy process. Even in situations where the couple is amicable and agrees to end the relationship without any hard feelings, there is still the division of property and debts, assets, and more. When anyone proceeds in their divorce without considering how to take care of themselves financially, they can find themselves at a significant disadvantage.

What should I do to protect myself in divorce?

One of the biggest things that will happen during a divorce is learning how to move from a dual-paycheck household to supporting yourself on your own. Oftentimes, failing to account for a new financial situation can find someone with more financial obligations and frustrations than they are used to taking care of.

When someone is moving forward in the next chapter of their lives, they should:

  1. Redo their budget to see what they truly can afford
  2. Know credit scores and how credit may be affected by the divorce
  3. Consider retirement accounts and how benefits may change
  4. Understand the new tax rules as they apply to the situation
  5. Re-evaluate overall insurance needs, especially life insurance

No one should find themselves in an irreparable financial dilemma because they were unfamiliar with what to expect from their divorce. Working with both a financial specialist and a divorce attorney can help anyone manage their expectations and finances as they go through the process of finalizing their divorce.

Do you have questions about how divorce may affect your finances? Call Claery & Hammond, LLP for a complimentary case evaluation today!