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Financial tips to follow during divorce

When you met and married your spouse, you probably both had visions of "ever after" and neither were considering the implications of an eventual split. Unfortunately, many marriages simply don't work out, and the potential financial impact of a divorce can be stressful.

If your marriage is nearing its end, here are just a few financial tips that could help save your bank account, both now and long-term.

Alimony could be in your future

No ex-spouse likes to think of paying alimony, but in some cases, it's both fair and the right thing to do. If your spouse (male or female) took time away from their career to raise the family, alimony could be awarded in a divorce. The good news is that alimony payments are tax-deductible. If you are the one collecting alimony, you should certainly welcome any financial support to which you're entitled.

Child support alternatives

Child support is meant to meet the continuing needs of your minor children, hence the name. Yet, many parents are reluctant to agree to cut a large monthly check to an ex-spouse, regardless of the purpose. While child support payments will likely still be necessary, there are some ways to reduce these and make alternative arrangements. For example, if you are co-parenting, one of you may pay for child care services directly and the other covers health insurance.

Reaching a fair settlement

Just because you're divorcing, it doesn't mean that you'll end up with nothing. Too many couples are overly anxious to reach a settlement and end up giving away too much to the other party. Splitting everything down the middle isn't always the most equitable option, nor is handing all property over to one party. In the end, you shouldn't take less than you're entitled to or agree to give more away than you should.

Set your post-divorce budget

Hopefully, you had a budget when you were married. Whether you did or not, it's time to put together a budget for post-divorce life. There are some significant upfront expenses with a divorce, but you'll need to be able to pay for your normal living expenses as well. Establish your new budget, so that you are secure that you can live within your adjusted means.

Your divorce attorney can help you address all of these issues along with any other concerns you may have.

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