As you move forward with divorce, it won’t be long before you realize that the future will not be the same. This is true in many ways, including your finances.
When you avoid the financial pitfalls of divorce, it is much easier to move forward with your life and feel good about what you are doing.
Of course, here is the big question to answer: what are the most common financial pitfalls of divorce?
— Lack of cash. Since you don’t want to rely solely on credit cards after divorce, do your best to keep some cash on hand.
— Lack of organization. Your finances are changing in many ways, so make sure you do your best to remain organized at all times.
— Overlooking the importance of property division. When it comes to this, you need to fight for your rights, ensuring that you receive what you deserve.
— Neglecting to take control early on. Your financial situation is changing, but that doesn’t mean you have to sit back and wait for everything to unwind. You need to take control as soon as possible, as this will help you now and in the future.
When it comes to the financial pitfalls of divorce, there is a lot on your mind. The best thing you can do is create a plan, be aware of what’s to come, and stay on track.
If you want to avoid trouble down the road, take the time today to make some key changes. With the right plan in place, everything will come together soon enough.
Source: Women’s Institute for Financial Education, “The Twelve Financial Pitfalls of Divorce,” accessed June 13, 2016