Getting divorced can lead to a wide range of emotions but one of the most common emotions spouses go through is financial uncertainty and fear of what their single life will be like. Financial fears are not uncommon for those going through divorce, especially for spouses who did not handle paying the bills, creating a budget or making investments during the marriage.
It is easy for individuals getting divorced to worry about the impact divorce will have on their lives. There are several factors individuals getting divorced should consider to help ease the stress during the divorce process and to help create a better future for themselves once the divorce is finalized.
Spouses face many different fears during the divorce process but three of the most common fears include not getting their fair share in the divorce settlement, not knowing what items you will keep, and not knowing how your lifestyle will change.
What can spouses do to address these fears and make the divorce process easier? Regarding the fear of not getting your fair share of the assets and property, individuals should first understand what they own and how much it is worth. It is important to know what your property and valuables are worth to make sure each spouse is getting their fair share.
Not knowing what you will have after the divorce is a common fear but individuals can address this fear by knowing what their home is worth as well as what their financial portfolio is worth. This will help during the negotiation process and make sure one spouse is not getting all of the liquid assets.
Not knowing how your lifestyle will change can be more difficult to address but individuals should create a new budget based off their settlement agreement. This can help you understand what you can afford on your own and help create new financial goals.
Source: CBS News, “Divorce financial planner: 3 common fears,” Robert Pagliarini, Aug. 23, 2013