Simple Divorce Advice

Divorce costs money. How much money depends on the people getting divorced as far as the legal side of things goes. A legal settlement can cost hundreds of thousands of dollars or a few thousand dollars it is entirely up to the divorcees.

But what about getting used to living without the combined income or the financial stability the other person brought to the relationship?
These are really big issues that can take many people a long time to get used to. If you have been married for a long time and have not been the one in the relationship that has handled the money then you may be in for a shock. It could be a great shock if you were married to a spender but it could also be a knock down distressing shock if you are not adept at handling money.

There are some simple steps you can take to get your finances under control while you go through the divorce proceeding and start living as a single again.

1. Spend the money and talk to a financial specialist, there are divorce specialists in the financial arena, if possible as a couple. It may be painful but if you can possibly do this you will both get a clear idea of what your finances look like today, what needs to be done to get through the divorce financially and what sort of money you will be dividing.
2. Budget. Divorce is expensive if you are employing lawyers, mediators, and specialists. You will also have the day to day expenses of running a house with all the associated costs. Leaving divorce bills to the final settlement is money out of your pocket. If you do not responsibility for every phone call you make to your legal team you can exacerbate the bill simply by putting your emotional state first and not thinking that this is a bill I will have to pay which will impact me later. A budget will cover your expenses and keep you in check.
3.Divide your money into separate bank accounts. This is one of the simplest steps you can take to keep your money in check. Do not be shy about going into the bank and setting up as many accounts as you need. One main account electronically connected to the others is all you need. Some ideas for different accounts are the day to day account, the legal bills account, the fun account, the bills for home account, the savings account, etc, etc. Multiple accounts are an exceptionally easy thing to set up and an exceptionally easy way to keep you from over spending.
4. Plan your post divorce life. The legal battle may feel like a never ending process but it will end and when it does you will need a plan to move forward both financially and emotionally. One of these does not usually work without the other. Start planning your single life, whether it has been your decision to separate or not, you are going to have to get on with your life. Being sad and stuck will not bring your partner back, will not bring you happiness, will not find you a new partner and will definitely not help you financially.
5. Do Not Use Money as an emotional crutch. Too many people will spend money to cover up their feelings with a ‘gift’ for the moment. This is only a diversion from the real issues, it does not matter how many new shoes you own, or movies you see, or dinners at fine restaurants you go to, your issues will still be waiting for you. The only way to deal with issues is to deal with them, how is up to you, you can find a coach or therapist, take a class, join the gym, etc. They are your issues and you need to figure them out. Do it instead of covering them up by spending money as an emotional crutch.

Coming out of divorce with the financial where to all to begin a new life is many steps ahead of most people. After the emotional battering of divorce most people then have to turn around get over the bad habits they have built up over a life time and more they have learnt through the divorce while trying to make themselves feel better and then get on with it.

Do it now and you will find you are stronger financially and emotionally when the day finally arrives when you can govern yourself without interference.

Excerpt from: 5 Tips For Dividing Up Your Money To Get Through Divorce

Popularity: 9% [

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!