Divorce FAQ

Divorce rearranges a lot of things in your life, and it's pretty disconcerting at first, because there's a lot of things you really need to figure out. One of the best places to start rebuilding your life is by having a financial track before, during, and after divorce. Having concrete plans about your finances will help you get things back in order after the chaos that divorce usually brings to one's life. Here are a few things you can do to help you plan your finances.

1. Form your own support network - A support network could be several different types of groups that can help you with different aspects of your divorce. For example, free divorce advice for women can be obtained by joining divorce support groups especially for women. It would also be best to get financial advice from a financial advisor separate from your soon to be ex husband's. A financial advisor can help you determine what it will take for you to be able to maintain the standard of living that you prefer for yourself and your children. Hiring other finance professionals like an attorney and estate planning agent will also help you have a better understanding of your financial standing.
2. Look into the details - At times one gets stuck with the broad strokes of the big picture that they neglect the details. Finances are the same. Many people who give divorce advice to women don't teach them enough how to look at the tiny details that will make up a huge part of their life during and after the divorce. Details such as the following will be an important part of the structure of your finances eventually:
   • Who will have physical custody of the children, will the spousal support or your current financial status be able to cover transportation?
   • Figure out how you will pay your taxes in order not to end up owing the IRS more than you can pay.
   • Do you have enough life and property insurance coverage?
   • Can you afford health insurance coverage for your self and your children?
   • Have you updated your will and living trusts?
   • What kind of changes do you have to make on your retirement plans to make sure you are taken cared of in old age?
   • What kind of property taxes will you be looking at should you get the marital home in the divorce settlement?
3. Restructure your budget - This is probably something many people put off or don't really take too seriously until they realize the need for it. Women who have enjoyed dual income or have only just come back to their careers after staying at home for a long period of time may find it difficult to adjust to a newly-structured budget. Sitting down to run up the numbers yourself will not just help you structure a workable budget, it would also help you grasp where you really stand financially. It would also encourage you find creative means of making ends meet as well as reevaluate your spending habits.