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Will Your Divorce Leave You Broke?
There is no question that a divorce can be expensive. The legal battles are only part of the issue, because there are some potentially expensive changes to each partner’s financial status that come as a result as well. Plus, if there were children in the marriage, this adds another factor that must be considered, not just emotionally, but financially as well.
Some parties to a divorce will work out their finances first before filing, to make sure they have everything lined up and their futures are secure. If there is no hope and the marriage is over, this is a prudent step to take so that finances will be as stable as possible. In recent years, more women have been filing for divorce than men have, and they have taken to pre-planning their finances on an increasing basis before filing.
Here are some of the financial factors to consider when getting divorced:
• Plan for the future. You will need to adjust your retirement planning, since now only one income will be contributing to the fund. Contd..