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List: Posted: 12/10/10
Coming through a divorce on the right side financially can be tough. The average divorce costs about $20,000, and most couples these days just don’t have that kind of expendable money. Here are some tips to help you survive the divorce process financially.
The most important thing to do is to look ahead. You might think that getting the house in the divorce is the best option for you, but can you maintain it? Sometimes individuals fight for liquid assets like this, but liquid assets like investment accounts actually give you more flexibility and future security post divorce. You may be surprised at how much you have to cut down your standard of living after a divorce. Make sure you’re getting the assets divided in such a way that you can still make a living.
Getting a lawyer can also be one of the best ways to come out on top of a divorce. Of course, a lawyer is one of the costs of the process, but can be a good thing in the long run. Having a good lawyer can help to ensure that you’re treated equitably in the final settlement, so you can get the funds you need to survive.
Finally, once you know what your living situation is going to be after the divorce, live on a budget. Too many divorcees try to maintain their current lifestyle after they’ve separated from their spouses. This is impossible for most people. Instead of trying to do this, see what you have coming in and going out, and make a divorce budget you can stick to for a while.
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