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Tips for Keeping Your Finances in Order While Divorcing

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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  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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