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Avoiding Costly Divorce Mistakes

    

Considering the fact that many divorce-related financial decisions can affect you for decades, it is important to be fully prepared and know exactly what to plan for ahead of time.

Joint-Debt

In addition to making sure that all of your upfront costs are covered, it is good to make sure that any joint debt you have is paid off quickly. That way, even if your spouse decides not to hold up his or her end of the bargain, your name is not affected. After your joint accounts are paid off, it is advised that you either close the accounts or freeze the accounts to make sure that your spouse does not re-open them (which could happen even years after your divorce, and does often times).

Fortunately, many joint account details are figured out in divorce settlements, therefore, this should not be a very difficult process.

Your Personal Budget

Considering your lifestyle may dwindle due to the loss of your partners income, it is always good to make sure that you are not spending the same as you were. Many individuals who attempt to keep up with their old lifestyle, find themselves in a whirlwind of debt that they cannot seem to get out of.

It is recommended that you sit down and budget out everything you need day to day. Then, try to figure out exactly what you can afford and what you can no longer afford.

The Upfront Divorce Costs

Since divorce is becoming more and more common, costs are going up, and many are finding themselves unable to come up with enough funds. However, attorneys and divorce financial analysts can help you deal with the costs and figure out the best way to move forward with everything.

Conclusion

In addition to making sure that your divorce costs are covered, your budget is figured out, your joint accounts are paid off, and that you have professionals at your side through the entire process, it is also good to plan for your future as a single individual. Though this may seem obvious, many forget to and wind up struggling.

Certain things such as investing, checking your credit score, and getting rid of any un-necessary assets are extremely beneficial and will help you to get back on your feet again soon.

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