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How Do I Handle My Finances After a Divorce?

Managing your finances after a divorce can sometimes feel like a herculean task, especially if only one spouse provided the financial support of the family. Even worse, if the divorce was not amicable, disputes over alimony, child support payments, and property division may arise.

Recent studies suggest that divorced women struggle to manage their finances more than men after a marriage ends. Although difficult, it’s not impossible to learn how to manage your finances, and with the right information and help, you can start focusing on getting your finances back on track again.

According to a report by USA Today, one of the main ways to manage your finances after a divorce is by creating a budget. Implementing a post-divorce budget will allow you to see where you stand with your finances, help you avoid spending recklessly, and will keep you on a steady course to financial stability. It can also help you track your income and expenses, and once you have a better understanding of where your money is coming from and going to, you will be able to eliminate unnecessary expenses, and will allow you to save money for your future financial needs.

In some divorce cases, a prenuptial agreement can ensure that the painful, elongated process of divorce can be as smooth and speedy as possible, for both you and your ex-spouse. The notion of a prenuptial agreement can be an incredibly delicate topic to approach, however, it is a smart, practical move intended to provide a roadmap to divorce in the event the marriage does not last.

A prenuptial agreement protects each spouses’ financial assets and property in the event of a legal separation or divorce, and assures that the division of property is predetermined to avoid litigation between the spouses. Many couples don’t realize that the problem with divorces is that finances can become tangled during the marriage, and it can be difficult to assert what is yours in the case of a divorce. Having an agreement in place can protect you during that process.

 

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