Divorce is a big change with serious financial implications you need to consider. For one, it might not make sense to stay in your house. In some cases, it may make sense to consider filing for bankruptcy rather than continuing to make debt payments. It's important to work with a financial professional to put a plan in place.
Here are three steps to help you get started:
Step 1: Gather and assess ALL financial information. This includes investments, mortgages, loans, retirement funds, and more acquired both before and during the marriage.
Step 2: Analyze your cash flow and create a budget. Track how much money is coming in and going out. Creating a budget based on your spending habits will help you see where to make adjustments.
Step 3: Consider your settlement options. Know that it's not uncommon for one spouse to give up a greater share of one asset, such as the family home, so that they can get a larger share in another, like the retirement fund.
Make a plan and speak with a financial planner! The more information you can present to a financial planner, the more accurately they can help set you on the path to a more secure financial future.
