As you consider the changes a divorce will bring to your life, you do not want to overlook the potential financial impact as well. It is easy to see the immediate changes a separation will bring, but as you begin to pursue a fair financial settlement, you would be wise to consider the potential long-term ramifications of your decisions as well. The true financial reality of a divorce is that changes and adjustments are inevitable.
It is in your interests to face the financial realities of your future as soon as possible. It is best to have a realistic perspective on what to expect and what your life could look like long-term. When you have the right outlook and reasonable expectations, you will be in a better position to fight for terms that will provide you with long-term stability.
True facts about divorce and money
With the exception of the very wealthy, divorce will bring financial changes for every California spouse. The sooner you understand that your lifestyle will have to change, the easier it will be to make adjustments and pursue terms that make the most sense for your future. As you consider how your divorce could change your life, the following facts may be helpful to you:
- Litigation will be more expensive and take more time than reaching a negotiated settlement out of court.
- Making a budget now for your post-divorce lifestyle will help you adjust to a new lifestyle and your current financial realities.
- Reconsider keeping certain marital assets, especially those that could come with expensive upkeep costs and tax penalties.
- If you did not work while married, you may have to return to the workforce, even if you will receive spousal support.
Facing reality about how divorce could change your life may be a painful and emotionally challenging process. However, the sooner you make these adjustments to your outlook and perspective, the easier it will be to navigate your post-divorce life.
Your future starts now
You can begin laying the groundwork for a strong financial future as soon as you make the decision to move forward with a divorce. The steps you take now and the decisions you make during your divorce will have a long-term impact on your life. Starting with a careful look at your finances, lifestyle expectations and long-term goals, you can pursue the best possible future for you and your family.