Divorce is something you don’t expect to go through when you walk down that aisle and say I do.
However, not all marriages work out. According to recent statistics, 1 in 3 marriages will come to an end, which isn’t the best outlook for most people who get married nowadays. Here are a few tips to navigate your divorce from a financial perspective.
Try to agree with your ex-partner on bills to cover.
Firstly, if you’re able to, consider the time in between when you are going through the proceedings of a divorce until it’s finalized. It’s worth speaking to your ex-partner and discussing the parameters in which current bills are being paid.
You may still have contracts and bills that tie you both in together for a number of months or even years. It’s important that you discuss these bills and how they should be covered in the interim. It might be that you both cover them out of a joint account or one of you takes ownership over it until it’s paid off or the contract comes to an end.
Be civilized with your ex-partner and try to agree on what you can.
With any divorce, the assets and what’s available to divvy up between the two parties come under scrutiny. Who deserves what? Which assets are rightfully yours and which ones belong to your ex-partner?
It’s important that you’re mindful of what you feel you deserve versus what you might actually be entitled to legally. With that being said, you might be able to come to a mutual decision over what you each get and perhaps even come to an agreement before needing to involve legal proceedings.
Divorce is pricy and it’s something that not everyone thinks is a costly expense until they start the proceedings. It’s therefore advisable to have some savings readily available and to use when it comes to spending on the divorce.
While no one specifically saves for the expense of a divorce, having savings in general is a good way of saving for a rainy day. Who knows what might be around the corner? For some - a divorce!
Set a budget and your preferred outcome.
Consider the budget you have when it comes to spending money on a divorce. Not everyone has the money to drag out a divorce for months or years on end. It’s good to know what you have available in order to process the divorce as quickly and as financially savvy as possible.
At the same time, you should also note down what your preferred outcome is when it comes to your assets and where you want to stand financially by the end of it.
Do your research on legal representation.
Finally, be sure to do your due diligence when it comes to finding legal representation. For example, a company like https://state48law.com/divorce-in-arizona/ are specialists when it comes to divorce proceedings.
Legal representation is important because it could be the difference between being taken advantage of by your ex-partner and getting what you rightly deserve.
If you find yourself in a situation where you’re wanting a divorce, then navigating it financially is necessary.
*This is a collaborative post thanks for reading! :)
