It’s no secret that divorce can be financially and emotionally taxing. But it doesn’t have to break the bank! In this blog post, we’ll talk about four strategies for surviving divorce without going broke:
1) Have an honest conversation with your spouse about finances before you leave.
The first thing you need to do in this regard is to talk to your spouse about money. It’s never too early to start planning for your financial future, and having a conversation about money can help you avoid many problems in the future.
Divorce is difficult enough without worrying about how much debt you have, where all of your assets are located, etc. So, it would be good for both spouses to lay out all of the information they have and then work together to figure out a course of action.
2) Strategically plan your expenses to match your new income.
The next step should be to plan your expenses so that they match your new income. This means cutting back on unnecessary or luxury items and only keeping the essentials – like rent, food, and transportation to work or school. If you have children, it is important to note whether there will be any child support involved. If not, you should eliminate things like daycare costs, school tuition, etc., from your budget.
3) Stay organized with financial records during and after the divorce process.
You need to stay organized with your financial records during and after the divorce process and track all debts, assets, income, expenses, etc. Keeping up with these details will help ensure fewer problems down the line when dealing with things like child support or alimony payments.
4) Make sure to keep up on all of your bills once you’re single again.
Finally, once you’re divorced, it is crucial to make sure that you keep up on all of your bills. If a bill isn’t paid, then the late fees will add up, and before long, there will be a problem with getting utilities shut off or incurring unnecessary charges from credit card companies.
You can talk to an expert divorce attorney well in advance like Marshall & Taylor PLLC about the necessary steps that need to be taken for a smooth transition. Doing so will make things a lot easier for you than they might look otherwise.