Preparing for the Financial Implications of Divorce

Getting a divorce means that your everyday life is about to change significantly. You may find that balancing having a job, obtaining new living space, handling legal matters, and dealing with sensitive family situations can lead to a considerable amount of stress. Even though you know that ending your marriage is in your best interests, you can also have concerns about how it may financially affect you.

 

Unfortunately, many women and men in Utah and across the country tend to face financial difficulties during and after divorce.

However, that doesn’t mean that you should put off getting a divorce in order to stay financially stable. It means that you should prepare for these financial difficulties ahead of time. 

 

What to do?

The first thing you can do when it comes to preparing for the financial slam of divorce, is to seek some professional advice. Financial advisors or accountants can help you assess your current financial status and determine what changes you may see during/after your divorce. 

They can also help you plan out steps that will allow you to set yourself up for an even better financial stability in the future after your divorce process has been finalized. Another perk to obtaining financial advisors is that you can also set financial goals and even a budget. Your budget can include the expenses that will come along during divorce, such as filing fees and attorney costs, and new or changing expenses stemming from the divorce, such as rent or bills. Allotting some serious savings is also extremely helpful so you are not blindsided by emergency spendings that we all have to do every once in a blue moon. 

 

Negotiate

During the divorce, you may have to work towards terms that could help your financial situation. For example, property divisions and spousal support proceedings could go a long way to help you stay on your feet while going through this difficult and stressful process. It is important to remember to negotiate future funds as well, such as retirement funds, that will help you even more later in your life.

 

It can be unpredictable to know exactly how divorce will affect you financially without the help of a professional, you should help mitigate any unnecessary financial loss to divorce filings and fees. If you are concerned about how you can achieve a favorable outcome or fight for your fair share, you should contact one of our expert Salt Lake City divorce attorneys to help you analyze what is the best move going forward with your particular case.

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