After a dissolution of marriage, you may feel as if your financial situation has been set-back. You may feel forced to go back to working an nine to five office job, or even longer hours than expected. Your newly found independent relationship status may force you to live a moderate lifestyle and spend less than what you were originally spending. Either way, everything you’re feeling is valid and not unheard of when it comes to divorce. Here are some guidelines and tips to help alleviate the uneasiness you may feel that comes with financial instability.
Budget your expenses after a divorce, especially important assets. Keep track of your money by making a list of all your necessary expenses. Determine your total income, deduct your expenses from that and you’ll have a clearer idea of what kind of budget you’re working with.
Diversify your Investments to aim for variety and not quantity. Such as stocks, bonds and real estate.
Tax consequences is important to consider as a newly divorced young couple, unlike late life-divorced couples, because future retirement plans are often ignored when valuing retirement assets.
Value of Money calculations for present and future value is very important to know monetary change over time. Alimony and property buyouts are some methods of understanding money value.
Ex-Spousal Health Concerns is important to consider when one spouse cannot earn income and doesn’t have sufficient assets to live on.
Estate Planning is a necessary part of your divorce settlement in ways of life insurance, retirement plan, a will or trust,
Other special issues to consider may include but not limited to children’s emotional trauma and a post marital agreement.