While money issues continue to be a leading reason couples divorce, in these tough economic times, divorce rates are actually declining.
Simply put, many people say they just can’t afford to get divorced.
Like any legal proceeding, divorce takes planning. While it may be hard emotionally to delay a divorce action, it may actually provide you with the necessary time you need to fully prepare yourself and your family for divorce, both financially and emotionally.
Here are some tips for divorce planning:
Get your financial paperwork in order. Organize bills, bank statements, mortgage statements, investment portfolios, IRAs and other financial documents to get a true picture of your financial condition.
Budget for your divorce. Determine what you are currently spending and break it out into “essentials” and “nonessentials”. Then cut that it half to see what you are likely to need for living expenses once a divorce is finalized. You will then be able to see how much you need to save or make plans for increasing income or decreasing spending.
Reduce your debt. By reducing your credit card debt now, you’ll be in a better financial position once your divorce is final.
Save. Financial experts are currently recommending at least a nine-month “cushion” of savings to see you through any emergencies or reversals like job loss, etc.
Going through a divorce is one of the most traumatic events in anyone’s life, but foresight and planning – and consulting with a Jacksonville divorce attorney — can ease the pain for all involved.