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Think about your finances when thinking about divorce

On Behalf of | Nov 24, 2021 | Divorce |

Money is not a reason to stay in a marriage with someone to whom you no longer wish to be married. However, your finances are something to think about when considering divorce. Too many people in South Dakota and elsewhere fail to think about what their financial reality will look like when their marriages end.

The truth is, divorce is tough on finances. Failing to plan now will only hurt you in the end.

Prepare yourself

Unless you are super wealthy, your finances will take a hit because of your divorce. Prepare yourself. Those who don’t are in for a rude awakening in the end. Recovering from this can take time, especially if your settlement terms do little to help you. You’ll thank yourself later by preparing yourself now.

Things to consider before negotiating your settlement terms

There are several things you may wish to consider before negotiating your settlement terms so that you can walk away in the best financial position possible. Some of those things include:

  • Your new cost of living
  • Your income or earning potential
  • Your medical benefits
  • Any special needs for you or — if applicable — your children
  • Taxes
  • Cost of divorce

Dividing one household into two when you’ve come to depend on a certain amount of money coming in every month can be a lot to adjust to. If you have an idea of what you’ll have to handle on your own, you’ll know what to fight for when negotiating your settlement terms.

Get help

There are several ways you can approach your divorce. Negotiations or mediation will take less time and cost less than litigation — typically. So, that is something to think about. By reviewing your financial situation, you’ll also know if you need to fight for spousal support, child support or certain assets to include in your final agreement.

An experienced family law attorney can help you decide what is worth fighting for and what is worth letting go. Your attorney will also help you fight for divorce terms that serve your best interests in the short and long term. On top of seeking legal guidance, when getting started with the divorce process, it is also wise to seek advice from a financial planner who can help you prepare to afford post-divorce life.