If you’re about to file for divorce, it’s important to prepare yourself as much as possible. This could include attending personal therapy sessions to handle your divorce emotionally. It might include talking with your kids so they know what’s coming. You might even want to read a book or two about things to expect during a divorce. One aspect of divorce preparation you should never skip, however, is financial preparation. You probably know that divorce can be expensive, but do you know exactly which parts of divorce can be costly? Preparing financially ensures there are no surprises and you’re not caught off-guard when your divorce occurs.
First off, know where you stand financially. Do you have money in the bank? Do you have debt? What kind of debt? Do you know how many credit cards you have and what the balances are? It’s important to know where you stand financially now so that when your finances are completely separated from your partner’s, you know what to expect. If you aren’t sure how much money you currently have, reach out to your banking institutions and request a current statement.
You should also begin to price lawyers in your area. Each attorney charges a different rate. If you and your partner are on agreeable terms about the divorce, you may want to consider utilizing the same attorney to represent you during the divorce. This can simplify the process and reduce the fees you’re paying during this time. Understand that in addition to per-hour charges, many attorneys also require a retainer fee.
If you’re planning to move after your divorce or you’ll be re-entering the workforce, begin looking for jobs now. It’s important to have a job lined up prior to your divorce so that you aren’t struggling financially when the divorce occurs. Spruce up your resume and begin applying to positions you feel may be a good fit for you. Chances are that you’ll be able to find something that works for you, especially if you start to apply early.
Finally, make a list of your current expenses. This should include childcare, groceries, rent, utilities, and car payments. If you or your partner will be paying alimony or child support, make sure you understand exactly how much you make now, how much you need to make, and how much you can expect to receive in assistance. This will help you to determine if there are areas of spending you need to reduce prior to the divorce.
While separating from your partner can be a difficult experience, it’s important to remember that you can do this. Many adults get divorced each year and go on to lead happy, comfortable lives. Preparing yourself as much as possible prior to the separation will ensure you’re able to handle things as smoothly as possible.
Why Choose Aman Financial Planners?
A Fee-Only financial planning firm based in UAE, with a satellite office in Jeddah, Saudi Arabia. We provide an independent, unbiased, objective review of your financial situation, and seek a long-term ongoing relationship to help you meet your financial goals. We are trustworthy, someone who cares, listens, understands and passionate about helping you.