How financially successful you are after a divorce can depend on the way you handle this change to your life. Family law and the courts will dictate a certain level of support that parents need to provide for their children, but the children's financial and overall well-being goes much deeper than that.
Children are more likely to thrive in the aftermath of a divorce when the parents are doing well. However, many parents neglect their own selfcare during a divorce, and that can lead to a variety of personal problems that may ultimately increase the suffering of children. Make these four financial moves to help protect your children during the divorce.
1. Seek Legal Advice
No matter how amicable and simple your divorce seems, you need legal advice throughout the divorce. Otherwise, you may give up important rights or end up in a compromised financial situation in the aftermath of a divorce. Your lawyer can also address concerns you may have about getting custody and child support in the divorce.
Before you file for a divorce, you need to call a divorce attorney and discuss family law matters and financial concerns. Make a list of pressing questions and make sure you address each question during your initial consultation.
2. Make a Single Parent Budget
Having a budget for a married couple is different from a budget for a single parent. Create a budget for how you are going to support your children during and after the divorce. If your children have any expensive hobbies or special interests, you may need to consider how you will be able to afford to continue supporting those things.
You may be surprised at how much your expenses increase as you transition to your new life, but creating a budget can help you avoid a lot of stress during the divorce. Be sure to prioritize necessities. You can also set aside little inexpensive treats for you and your children when you need some cheering up during this stressful time.
3. Determine What to Do About the Family Home
When you decide to get a divorce, you or your ex will likely move out of the family home. Different arrangements work for different families, but that's generally how it goes. Discuss this with your ex when you decide you want a divorce. You and your ex may decide to sell the family home, so you can both start over with the money from the sale.
On the other hand, if you want to remain in the family home, be sure that you can afford it. It can be hard to sustain the lifestyle you had before the divorce when you only have one income to count on. As hard as it may be, honestly assess whether you should downsize to a smaller house or move to an apartment for a while.
4. Move Forward With the Divorce
Some people know they want to get a divorce, yet they figure that a legal separation will be best until they are ready to address all the complex, difficult matters that come with a divorce.
However, this action can put the financial health of you and your children at risk. If you stay married, you may still be responsible for debts and other matters that would otherwise lie on the shoulders of your ex-spouse.
If you decide to legally separate until you're ready to eventually divorce, be sure that you still have legal paperwork in place to protect yourself.
Finally, take control of your life as often as possible during the divorce. That includes being proactive about your physical, emotional, mental and financial well-being. Keep in mind that you should obtain a divorce attorney as early in the divorce as possible.
The caring, experienced attorneys at the Cofield Law Firm can help you move forward in a way that protects you and your children. Contact their friendly team today.