For couples considering divorce, experts recommend taking a look at your finances before making the decision to move forward.
Reasons couples call it quits.
Couples may decide to divorce for many reasons, including: lack of intimacy, unmet expectations, finances, inability to resolve conflict, infidelity, and lack of communication.
Know where you stand financially.
“Before seeking a divorce, take stock of your finances: income, assets and a budget for new expenses,” says Jillian Harding, Money Watch. “In many households, things like handling financial accounts are handled by one spouse. While most financial experts recommend both partners understand household finances, often it falls to one more than the other to take care if those tasks-which can set the stage for a difficult divorce. It may be helpful to consult with legal and financial professionals to determine what steps to take first.”
Experts say the unequal division can especially be a problem for women. Often times it’s the husband that’s made the investment and savings decisions throughout the marriage. It’s wise for both husband and wife to be actively involved when it comes to matters such as retirement and investments.
If the decision is made to move forward with the divorce, focus on the necessities first. According to Harding, “A big part of splitting up is knowing where you’ll live. Do you own a home together, and if so, will you or your spouse plan to keep the house in the settlement?”
She says, “Keeping the house may sound like the better end of the deal, but it can be expensive. From mortgage payments to maintenance costs, you’ll need to calculate whether you can handle the carrying costs on your income. But before making that decision, look at the costs of purchasing or renting another home. Even if you’re the higher-earning spouse, if you’re paying alimony or child support, that will be factored in when you apply for a new mortgage, and it may affect your credit and ability to qualify.”
Married with no assets.
In some cases, assets aren’t a determining factor. In the event there aren’t any income, assets, or budget for new expenses a divorce is usually much simpler to resolve and less expensive.
If your reason for divorce is more severe such as abuse of any kind, getting away as quickly as possible is the most important thing; especially if there are children involved.
For more tips or advice visit: “Divorce Tips For Financial Security” by Jillian Harding <https://www.cbsnews.com/news/divorce-tips-for-financial-security/>