If you’re not careful, your divorce could negatively impact your financial positioning for a long time to come. Failing to advocate for your fair share of the marital estate can leave you without the resources needed to secure the kind of housing you want post-divorce, and failing to address spousal support can leave you without the money you require to make ends meet, rebuild your retirement savings, and maintain your standard of living.
But protecting your financial future may not come naturally during divorce. That’s why in this post we want to give you some ideas for how to position yourself for the financial outcome that you want.
While there’s a lot at stake in your divorce, you can take control of the outcome, thereby increasing your chances of securing the financial outcome you want. Here are some ways to do that:
- Conduct a thorough inventory of the marital estate to ensure that you’re looping all marital assets into the property division process.
- Keep an eye out for signs that your spouse is trying to hide assets from you so that you can act to capture them back into the marital estate.
- Create a post-divorce budget so that you know what you need as you move into the next chapter of your life.
- Build an emergency fund that you can turn to when times get tough.
- Advocate for spousal support when the facts warrant it.
- Take your insurance needs into account when addressing spousal support and property division issues.
- Be cognizant of the marital debt that may come into play and work to ensure that you’re not forced to take on more than your fair share of it.
With emotions swirling around your divorce, it’s easy to want to speed through the process to get it over with as quickly as possible. However, you can rush your marriage dissolution, as doing so could lead to an unfavorable outcome.
So, make sure you develop a strong divorce legal strategy that gives you control over the future of your finances. By doing so, you’ll hopefully competently and confidently navigate your divorce, coming out the other side on the best footing you could hope for.