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Divorce and your future finances: Answer these questions

| Nov 13, 2020 | Divorce |

Many people remain in a bad marriage because they’re worried about the financial impact of divorce. Even if they want to move on, the financial security they have in their marriage is more than enough for them to stay put.

Should you decide to divorce, don’t delay in turning your attention to your financial future. When doing so, here are five of the most important questions to answer:

  • Where will you live and how much money can you comfortably afford to spend on housing?
  • Do you have a job that allows you to care for yourself and children (if applicable)?
  • How much money do you have in savings and retirement accounts?
  • Do you have any debts that you’re able to eliminate as a means of taking pressure off your budget?
  • Will you receive any payments from your ex-spouse, such as child support and/or alimony?

You may find that there’s more than one answer to each question. For example, you may have the opportunity to remain in your family home to rear your children. You may also find that you don’t have the financial stability to make the monthly mortgage payment.

The divorce process commands a lot of your attention, but that shouldn’t stop you from thinking about the future. When you have a solid financial plan in place, you’ll feel better about your ability to deal with anything that comes your way.

As you turn your attention to the future, learn more about the divorce process and the steps you can take to put yourself on the path to success.