Hey! Don’t get me wrong I’m not praying for splittted homes or divorce of any sort but it’s high time we face reality, these things happen. And when they do we have little or no power over them.
We have over 60% of marriages crashing in our society today and when they happen some women are left out with little or no support from their divorced husband. That is the more reason why women need to prepare financially for divorce.
It does not matter whether or not there are kids involved, there is need for preparation so as not to be caught off-guard. Question now is; as a lady how can you prepare financially for a divorce?
1. Take stock of what you own—and owe.
It may sound tedious, but you need a clear and certain reckoning of precisely what your assets and liabilities are. If you’ve ceded financial control during your marriage, taking the time to gain this knowledge can also help level the playing field.
2. Look closely at your spending.
Next, try to understand how much your current life has been costing you. How many of those expenses are fixed? Are they yours, his, or the kids’? It’s important to get know all these things.
If you or your spouse had a business and you ran personal expenses through it (perhaps the business leased your car, or paid for meals out with clients), you may not be able to do that anymore.
3. Think long-term.
One of the most important things you can do–even before you speak to a lawyer–is to think about the outcome you want from this process. What would life look like five or 10 years down the road, if you could plot it out? Is maintaining your current lifestyle the priority, or are you more focused on feeling secure? Those decisions will be helpful in driving the specific assets you go after in your negotiation.
4. Get financial help.
When you’re in the initial stages of divorce, friends will come out of the woodwork to recommend their attorneys. Really good friends will turn you on to their financial pros. “The minute you’re divorced, when you walk out the door and your attorney says goodbye, then you’re all alone.
Now you have to not only make sure all the assets are transferred to you correctly, but you also have to create a new financial life. This means figuring out a new budget, setting new savings goals, and reinvesting whatever you receive as part of your settlement, based on your age and individual risk tolerance. That’s when having a financial planner on speed dial comes in particularly handy.