Family Lawyers Serving Clients Throughout Arizona
5 Best Financial Divorce Tips

5 Best Financial Divorce Tips

When you obtain an Arizona divorce, you sever ties in your relationship and start over – simultaneously. One of the most important things you can do to prepare for this tumultuous time is to have a financial plan to help secure your future and provide peace of mind. But doing so is not without its challenges.

Top 5 Tips for Post-Divorce Financial Planning

  1. Start by reviewing your finances and expenses. Don’t wait until you’re divorced to address the financial situation. Go into your divorce knowing what you need in order to maintain your needs financially once all is said and done.
  2. Budget for alimony (aka spousal maintenance). When determining whether alimony is part of the settlement, the court will consider the length of the marriage, whether or not one or both partners worked or didn’t work and for how long, assets received as part of the settlement, etc. The recipient of alimony will also need to consider and plan for potential tax implications.
  3. Plan a career. Consider immediately what you can do to make re-entering the workforce post-divorce less difficult. In addition to helping financially, a job will help with self-confidence, happiness and a social life. On the job is a great place to meet new people. Some feel additional education is a good first step while others simply need to tap back into an old network, etc.
  4. If you own a home, consider downsizing. Many try not to disrupt the lives of their children after divorce by trying to stay in the family home. This can be a major difficulty in the divorce as the “family home” is often a big expense in the budget and the house is not a liquid asset. If your budget is tight, moving to a less expensive home or even renting a home could be a better option for you and your family.
  5. Don’t overlook the family’s needs for health insurance. If you used to be on your spouse’s policy, this could be a major, new expense. Start looking for your own policy before you’re divorced. This is another benefit to reentering the workforce – some positions will come with good benefits.

Consider the fact that your actions during your marriage were all based on a set of future goals (either loose and fluid or set down on paper). Now that you are getting divorced this has changed. For some, the goals themselves will change. For others, the goals will stay the same, but they’re no longer in connection with someone else. Successfully managing your divorce will rest largely on your ability to successfully plan your finances during your divorce and after you receive your divorce decree.

For additional information on Arizona divorce or successfully coping post-divorce, please get in touch with the experienced divorce lawyers at Arizona Family Law Attorneys.
Categories:

Find Trusted Counsel

Request Your Consultation
    • Please enter your first name.
    • Please enter your last name.
    • Please enter your email address.
      This isn't a valid email address.
    • This isn't a valid phone number.
    • Please make a selection.
    • Please enter a message.