3 Money Things to Consider for Your Divorce

Divorces are extremely difficult emotionally; they are also difficult financially. Most divorcing couples only consider their emotional need to end the relationship, and they don’t consider the financial challenges.

Here are 3 money things to consider for your divorce.

  1. Do your budget. There’s that dreaded word… budget. You knew that as soon as you read the word “money” that “budget” would soon follow. You can’t escape the reality, though. Most families can’t support one household, and after the divorce, you’re expected to support two. Review every expense and know where your money is going. Reduce them as much as possible. There are plenty of good classes, books, articles, and internet resources. You have to figure out your budget.
  2. Consider your house. You or your spouse may want to keep the house. Typically, that desire is either for the benefit of the children or because of an emotional attachment to the house. You need to take a hard look at the money part of that decision. Can you afford the carrying expenses? Can you afford to refinance? You both may be in a better financial position if you sell the house and purchase one that is more affordable.
  3. Check Health Insurance. Most families have a family health insurance policy. When the marriage ends, so does the policy for one of the spouses. The spouse who is losing the insurance coverage needs to check on the costs of COBRA and of some other replacement policy. You need to know what you’re going to do before the divorce is final.

     Posted on June 5, 2011 at 11:38 am | No comment

Leave a Reply

Your email address will not be published. Required fields are marked *