Divorce and the Financial Impact—4 Ways to Protect Yourself Financially

torn divorce decree and cash, with wedding ringDivorce takes a heavy toll on the whole family. Relationships are strained as is the emotional wellbeing of everyone in the family. Divorce also takes a financial toll. Depending on how well prepared a person is or isn’t, permanent separation could be financially devastating.

The Heavy Financial Impact of a Divorce

The financial impact of a divorce can be so intense that some people choose to forego getting one for this very reason. A divorcee has to take into consideration not only whether they will lose the added income of their spouse or if they have to pay spousal and child support; they are also responsible for lawyers’ fees and face a decrease in tax breaks. According to Craig Guillot of Mint.com, the cost of a divorce can set a couple back financially for many decades after it’s been finalized.

4 Ways to Protect Yourself Financially During a Divorce

If you’re facing the end of your marriage, don’t lose hope. There are some ways to protect yourself from the financial impact of this decision.

  1. Prepare for the Divorce. For most people, the idea of permanently ending their marriage doesn’t come as a surprise. There are usually signs that the end is imminent—lack of communication, living as roommates, and constant fighting without resolution to name just a few. When you notice these signals, take action! Set up a financial foundation—establish your own credit and set up a savings account.
  2. Financial Education Is A Must. There are some people out there who don’t know the first thing about finances. If you haven’t learned already, take some time out of your schedule to educate yourself. Check out some books from the library, buy some eBooks, or take some courses provided by a credit counseling service.
  3. Get Expert Advice. If you’re unsure of what to do to protect yourself from the financial impact of divorce, get some expert advice. Talk to a credit counselor or a financial advisor. They can give you an in depth look at your personal and family finances and guide you on the best route to take to protect yourself financially.
  4. Get Organized and Make a Plan for Your Future. This is probably the best piece of advice to take because it is now solely up to you to take care of your needs and your finances. When you and your spouse decide to end the marriage, get your financial paperwork organized if it isn’t already. Set up a budget for yourself and determine how much you can save, how the divorce fees will be paid and how much you need to make to support yourself.

Protect Yourself Even More with the Right Divorce Attorney

You can protect yourself even more from the heavy financial impact by finding the right attorney. When you are considering divorce, choose a lawyer your can trust, one you can count on to help ensure a fair outcome. If you’re considering permanent separation, contact the law office of John C. Fitzpatrick. We’ll help you through the process.