Facing and solving financial challenges after divorce

One of the biggest issues spouses worry about when they decide to end their marriage is how they are going to move forward financially. There is not a guarantee for both spouses to have financially dependable jobs after they break up. Some even gave up their jobs because of their family and now have to adapt to a completely different lifestyle.

Ending your marriage is stressful as it is, even when you do not include all the financial issues you could be facing. It is important to review your financial status to determine what options you should be pursuing before signing the papers. You can do this with the help of your attorney, who can help you craft a budget or refer you to a Certified Financial Planner.

What should you be pondering?

Here are some financial aspects people often must consider when terminating their marriage:

• The family home: In some cases, the house may be sold, and the proceeds divided between the spouses. For some, keeping the family home is a preferred option. If you choose to remain in the home, consider the financial challenges and long-term costs you face. Owning a home on your own can be expensive.
• Your retirement accounts and pension: As long as these accounts or a portion of them were marital assets, you will more than likely retain some of them. However, the amounts in these accounts may look like less than you are comfortable with.
• A financial adviser: Now that you are ending your marriage, it is helpful to find your own dependable financial adviser.
• Spousal Support: This is something that you should discuss with your attorney, and is often an option in long-term marriages where one spouse brought in the majority of the household income.

Anxiety is natural during and after ending your marriage. In time, you may gain a sense of empowerment while you manage your wealth and pursue new passions. Discuss all of these options and considerations with your attorney so that you are fully prepared to move forward.