Avoid costly pitfalls and consider these important 5 issues before you jump into the legal divorce process. In talking with Russ Thornton, Certified Divorce Financial Planner and Expert he shares this advice that I wholeheartedly agree with. He advises women to:
1-Avoid emotional decisions regarding financial settlements, be practical and contemplative regarding current income, needs and expenses that you will be able to maintain.
2-Guard your decisions. Don’t agree to something that could lead to long term negative financial consequences for you or your children. Consider all options thoroughly before making financial settlement commitments.
3-Don’t assume keeping the family home is the best financial situation for you. Assess your current income and ability to maintain all expenses related to the home including mortgage, maintenance, utilities, Homeowner Association fees and taxes. The financial freedom that accompanies renting can be an excellent way to reduce expenses until your income stabilizes.
4–Start your job search immediately. If you are currently unemployed and will need to return to work, start looking for a job as soon as possible. It can take 6-12 months to find gainful employment.
5–Avoid making major financial decisions right away. Pause and take time to let the dust settle on your impending financial situation. Purchasing a new home, vehicle or extravagant vacation could compromise funds that may be needed for basic survival in the short term as you re-establish your independence and financial stability.
I personally found so many great benefits to selling our family home, downsizing and renting instead:
Over the years I have observed many women fall into dire financial circumstances after divorce by failing to put their practical financial foot forward pre-divorce. For more financial guidance and ideas get the Transitions Divorce Prep Manual http://amzn.to/1xfc9lV and visit Russ Thornton’s website at http://wealthcareforwomen.com/
Do you have a personal story that you can share regarding these issues? I would love to hear from you.
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Disclaimer: This is my personal blog. The opinions I express here do not necessarily represent those of my organization, Transitions Resource, LLC. The information I provide is on an as-is basis. I make no representations as to accuracy, completeness, suitability, or validity of any information on this blog and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its use.