A divorce has financial consequences for both parties, and you may have concerns regarding what this process will do for your long-term financial stability. It is natural to have concerns about divorce, but there are specific things you can do that will allow you to effectively prepare for what is ahead and lay the foundation for a strong future. The steps you take now can make a significant difference long-term.
While emotions are strong during a divorce, it is important that you do not allow your feelings to dictate the decisions you make. It is in your interests to approach your divorce with a practical perspective, one that allows you to focus on what will truly be best long-term. The sooner you begin financial preparations for your divorce, the better your post-divorce position will be.
The money-related realities
The first thing you will want to consider is the true cost of divorce and what it will take to live on your own. Without a second income, your lifestyle may have to change, and you may have to make adjustments regarding your expectations for the future. You will need to consider all of the costs you may have related to housing, food and transportation. The following are areas where you may need to make adjustments or prepare for additional costs:
- Lifestyle and entertainment
- Health care and costs for your dependents
- Gifts and personal care
Your divorce may significantly impact your income, but it may also affect your long-term savings, retirement plans and more. Even if you believe you are eligible, you may not be able to count on spousal support to make up for a discrepancy in your income. It is in your interests to seek a divorce order that is fair and reasonable, giving you an equitable chance to pursue and secure stability in the future.
Adjustments start now
Facing the financial realities of divorce is difficult, but a strong financial future is possible. It is helpful to make adjustments and changes as soon as possible, transitioning your spending habits and money management to what your post-divorce circumstances will be. You may also find it beneficial to speak with Colorado professionals who can help you make smart choices and fight for a final order that allows for your long-term prosperity after your divorce is final.