Divorce can be tough for so many reasons, from living without a person who has been in your life for decades to dealing with stressful legal matters involving your children, such as custody. However, the financial side of divorce cannot be overlooked and it is pivotal to prepare. There are many different financial stressors that may arise during and after the divorce process, and these factors could wreak havoc on your finances if you are not ready. From alimony and child support to property division and even your career, the divorce process may affect your financial life in all sorts of ways.
For starters, you should do everything in your power to prepare. This includes reviewing the ins and outs of relevant laws in your state, looking over the details of your circumstances and possibly talking to your ex about some of the concerns you have. It is also important to plan ahead with respect to your finances, since you may find yourself in a difficult position due to your divorce. By carefully preparing, you may be able to lessen the toll of divorce on your finances, which can be beneficial in other ways (stress reduction and so on).
Aside from legal issues, you could face various challenges at work due to your divorce, which could also lead to financial struggles. For example, you may have to miss work to attend court or the divorce could affect your job performance. Our divorce section covers other legal topics related to ending your marriage.