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Planning for the future after divorce

 

Divorce is a time filled with complexity for most people. There is the emotional issues that range from fear of the unknown, feelings of inadequacy and betrayal to anger and frustration towards your spouse. You may be worried about how it will all work out for your children and how you will handle the financial aspects of your new life.

 

And then, there is the financial side of the ledger. When you divide your marital estate, what will your bank accounts look like? Will you still live in your home, or will you need to sell that property and move to an apartment? Alimony or spousal maintenance can be granted in a few situations, but in most cases in Minnesota, it is unlikely. Do you know if your situation warrants such payments?

 

Sometimes, changes in family or divorce law lead to changes in how and why some people file, such as will occur in New York, where next month, the amount of income that is subject an alimony determination is being capped. This means for high-income marriages, some spouses' future income is likely to be greatly reduced. This could force those spouses to significantly alter their lifestyle.

And this is an important point. When you begin your divorce process here in Minnesota, you should put together an accounting of your expenses, both personal and for your family, and look towards creating a new budget for your life after your divorce is completed.

This allows you to both understand how much money you currently spend, how whether you may have to cut back after the divorce, and necessary changes you may need to make for the future.

By doing this early on in the process, you can ensure that you understand every element of your financial condition, understand the importance of your financial negotiations and avoid unexpected financial surprises during and after your divorce.

 

Source, cnbc.com, "It’s a great time to get divorced," Jessica Dickler, December 4, 2015

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