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Divorce can have a significant financial impact on both parties. It can be difficult for anyone to truly measure that impact, but especially a person who might not have had quite as firm a handle on the family’s finances before the split.
Here are a few tips to help you get through divorce while keeping your finances stable.
- Get familiar with what you own: How much do you have in assets, and what is the value of those assets? This can be complicated, as you need to consider assets you and your spouse own individually and jointly. The more information you’re able to gather, the better for the outcome of your divorce.
- Know your current debt status: Debts will be split in the divorce, just like assets. Know about any outstanding loans you have, credit card debt, property liens, student loans or any other liabilities that might affect you financially after the divorce.
- Strategize for your future: It can be beneficial to work with a certified financial planner while going through a divorce so you can establish some strategies for saving and spending moving forward. You’ll need to know exactly what your financial situation will look like so you can plan to cover all of your household expenses and provide for your children. You should also consider whether you need to start looking for a new job so you can increase your income.
- Consider healthcare: Don’t forget to take healthcare into consideration—if you’re on your spouse’s health insurance, you’ll need to find a new solution. You can keep your current health coverage via your spouse’s employer with COBRA coverage, but this can be quite expensive. If your employer offers coverage you can get on their policy, otherwise you’ll need to get private insurance or go through the public marketplace.
For more information about maintaining stable finances in and after divorce, contact a trusted Minnesota divorce attorney at Appelhof, Pfeifer & Hart, P.A.
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