It is no secret that divorce is expensive. But for many people, that is a reality that they are willing to accept to move forward with a new and better life. Nearly every divorcing couple will face major financial changes.
After a divorce, you can no longer pool your resources to share household expenses. Even if one partner stayed at home during the course of the marriage, the services that they performed were likely invaluable. On top of that, you now have to consider the cost of maintaining two separate households. With the addition of legal fees, and the cost of divorce can seem overwhelming.
If you are anxious about your financial future after divorce, you are not alone. There are a few things that you can keep in mind to help you retain control of your financial future after divorce.
Keep Sight of the Big Picture
It may seem obvious, but it is always good to remind yourself that stressing about your situation will not improve it. Worry is not productive, and will only increase anxiety. Better to turn your focus to solutions rather than concerns.
Know Your Financial Situation
Do not be afraid to do your own research and analysis. Making spreadsheets or lists of your assets can help you better understand where your money is. Add in your liabilities and debts, and the names and contact information of all the financial institutions that you deal with, and you will feel a little more in control. Knowledge is power.
Update Your Estate Plan
After a divorce or any other major life change, it is critical to update your estate plan. Additionally, log on to all of your online accounts (or stop in your local bank) and update the beneficiaries listed on all your accounts. If you are involved in an accident, or become ill, you want to be assured that your hard-earned money will be dispersed in accordance with your wishes.
Set a Budget
If you are not used to having a budget, learn how to make a budget and stick to it. It is always better to know if you are living beyond your means than to bury your head in the sand until it is too late, and you find that you are mired in debt. Do not be afraid to confront the reality of your financial situation—that is the only way that things will improve.
Consider going to a group for people going through divorce. If group therapy is not for you, consider individual therapy or consultation with a financial planner. It helps as well to identify some friends that have gone through something similar. It can be useful to talk about your financial concerns with a friend who really understands, because they have stood in your shoes.
Finally, do not wait to seek qualified legal counsel in order to get a handle on all aspects of your divorce.
Chester County Divorce Lawyers at Eckell Sparks Counsel Clients Who Are Seeking a Divorce
The experienced Chester County divorce lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. understand that you may feel uncertain about your financial future after divorce, but thorough knowledge of the reality of your situation is the best way to move forward. To learn more, call us today at 610-565-3701 or contact us online. With offices located in Media and West Chester, Pennsylvania, we work with clients throughout Delaware County, Chester County, Montgomery County, and across the Philadelphia metropolitan area.