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A few strategies to save money amid a divorce

On Behalf of | Jan 1, 2021 | Divorce

Nearly every person knows that a marital breakup is not only very stressful, but it can also be very expensive. According to a recent nationwide divorce survey, the average cost of a divorce in the United States is about $15,000. Also, if the divorce goes to trial, add another $5,000 to $7,000 on top of that. Here are a few strategies California residents can use to save money during a stressful divorce.

One of the first things to do during divorce is to close all joint bank accounts and credit cards, though it makes sense to first check with a divorce attorney to make sure there are no restrictions on doing so. Closing these accounts may ensure that a disgruntled spouse will not have access to joint credit cards or other joint financial accounts. Many people who go through divorce are often bombarded with unsolicited financial advice from family, friends and co-workers. Make sure to take this advice with a grain of salt. Every divorce and financial situation is unique, so only take advice from professionals such as financial experts or legal representatives.

Now more than ever, it is important to save as much money as possible. Divorce usually comes with many surprises and hidden costs that are difficult to anticipate. Saving money each month can lower stress and act as a buffer against these unanticipated expenses. Creating a budget will greatly help with saving money. A monthly budget will allow an individual to see income versus expenses and calculate how much money can go to savings.

Managing finances during a difficult divorce can quickly become overwhelming. It is always helpful to seek professional legal assistance amid a challenging divorce. Those in California who have questions about divorce can benefit by speaking with an experienced attorney. A legal representative can protect rights and help individuals navigate this confusing process.

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