If you are facing a divorce, you likely know the murky financial waters you are heading into. Between the varying administrative fees and other expenses related to the divorce process, it is not uncommon for a divorce to cost just as much, if not more, than your wedding. How you prepare for the end of your marriage and how you budget for a life post-divorce can make a difference.
Start by setting aside what you have
It may help you to know what you can immediately do to give yourself breathing room. If you have extra funds or access to them, put some money away for the general costs the divorce will demand of you. Note also that going through a divorce can bring in expenses indirectly related to the end of your marriage that you may not consider. You likely know the expenses that come from child-raising. But you may not consider how they can increase during the divorce. If you are in court, who is watching your child? Set aside some cash for future childcare needs and other bills you might not expect.
Understand how property division affects you
In Connecticut, marital property is divided equitably. This means the court divides property based on perceived fairness. If you are concerned about losing assets in a divorce, you might want to develop agreements with your ex-spouse about your property division rather than letting the court handle it. Between property taxes and significant accounts, the asset distribution stage of a divorce has a big impact on your financial situation.
Consider your expenses post-divorce
Have a plan ready for your living arrangements once the dust of the divorce settles. Did you split the bills with your spouse? You may not be accustomed to taking on living expenses by yourself. Even if custody arrangements have yet to be decided, work potential support payments into your budget. Will you have a roommate? Will your new home (if you do not get the family home) be near a good school?
Every effort you make to financially plan may help you stay afloat during and after your divorce. For more information, sit down with your attorney and see if they have any insight.