Getting a divorce is not simply about leaving your partner. Its many complicated parts require you to rethink most aspects of your life. You need to focus on improving those parts of your life, and protecting your financial well-being should be one of your priorities. Follow these dos and don'ts when it comes to money matters during the divorce.
1. Do Plan the Details of Your Post-Divorce Financial Future
When faced with the monumental challenge of getting a divorce, many people don't want to deal with any other decisions that aren't legally required of them. They may not feel that they have the emotional energy to deal with other complications. However, if you don't plan for your post-divorce financial future, you may face unnecessary struggles.
The many unique factors of your divorce should be considered carefully. If you have a difficult time dealing with the details of your finances, talk to your divorce attorney about your issues. You may also want to see a financial advisor who can assist you with the details of your money situation.
2. Don't Let Misperceptions Lull You into a False Sense of Security
It's definitely a common myth that women can live very comfortably after getting a divorce while ex-husbands have to work well into retirement age to support them. The reality is quite different. According to The Atlantic, women usually end up with worse financial health after a divorce, while men typically see a significant increase in income.
When you are looking towards your financial future, assume nothing. Be sure to have a backup plan if you fear that you won't get alimony. Assume a worst-case scenario so you can be covered either way.
3. Do Gain Job and Life Skills Prior to Filing for Divorce When Possible
If you have been out of the workforce for years or even decades because of your choices to support your spouse or children within marriage, don't despair. Classes are readily available at many types of higher learning institutions, and you may be able to take affordable classes online from the comfort of your own home.
You need to take these crucial steps back to being a breadwinner before you file for the divorce if possible. It can take a while to learn new skills and complete classes that will stand out on your resume. Since alimony is not a sure-thing for anyone, having the capability to support yourself well during the divorce can prevent many problems.
4. Don't Be Afraid to Invest in Yourself During a Divorce
The Association for Psychological Science reported that stress alters how people make decisions, and it can have a detrimental effect on decision-making. If you are too stressed out to make wise decisions that state of mind can cost you in bigger ways than an alimony reduction would.
Be sure to be generous when it comes to safeguarding your own well-being. Counseling is nearly always a good idea for people who are going through times of extreme stress, and getting a divorce is high on the scale of life stressors.
By protecting your emotional and mental health with an investment in therapy, you can ultimately come out ahead. When you feel better, you are empowered to go for better jobs and command higher salaries in high-quality positions. Healthy people tend to earn the most money!
Finally, keep in mind that your financial health is in your hands. Be proactive and make careful choices as you proceed through the divorce. Teaming up with a great divorce attorney can help protect your best interests in every aspect of your divorce. The caring team at the Law Offices of Shahnaz Hussain can help you leave your marriage while looking out for your financial future.