Planning for life on one income is essential following divorce

People in Boston know that the last few years have been full of financial challenges on the local, state and federal level. Some people have had to tighten their belts and deal with less. This is especially true for people going through a divorce. It doesn’t take much family law knowledge to know that a divorce can be costly and that the financial ramifications can last long after the ink on the divorce decree has dried.

People considering or going through with a divorce should set up a spending plan, both for the time leading up to and during the divorce and also afterwards. People need to make sure they have enough money saved prior to getting a divorce to cover basic living expenses during the divorce proceedings since living arrangements can change.

A person should also take time to consider their finances after the divorce. What are the household and living expenses going to be? Who is paying for the children and their education and health care? What is their primary source of income going to be?

Often times, the divorce settlement provides adequate property division, alimony and, if applicable, child support amounts for a person to enjoy financial stability after the divorce, but preparation is key. By knowing what assets a couple currently has, and what the situation may look like after the divorce, the person and their legal counsel can use this knowledge to their advantage in a divorce settlement.

In order to be prepared, prior to the divorce, people should gather all financial documents and educate themselves about their current economic standing. With the right help, it is possible for people to move forward from a divorce on a strong financial footing.

Source: Sit News, “After the divorce – so, now what?,” Mary Lynne Dahl, Feb. 24, 2013


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