Some relationships last forever. Others don’t.
Sometimes, no matter what you do to make your marriage work, there are obstacles that you and your partner won’t be able to overcome. When this happens, the only option for most people is to consider a divorce. Unfortunately, as well as being an emotional and overwhelming experience, divorces can also be very expensive.
Not only do you need to think about how you’re going to afford the costs of legal fees and representation, but you’ll also need to adjust your budget to suit just one income, instead of two. Here’s what you need to know about making sure you’re financially prepared for divorce.
Adjust your Budget
The first thing you’ll need to do is adjust your budget and work out how much money you’ll have to spend each month when it’s just you paying that is the bills. How much income can you rely on without your partner to help you? Are there any benefits or forms of government support you can get to make your life a little easier? Speaking to the citizen’s advice bureau may help you out here.
Once you’ve figured out how much money you have coming in each month, ask yourself where you can cut down on your expenses. For instance, you might need to get rid of streaming services and monthly subscriptions while you get your finances back on track. If possible, you could always ask your mortgage provider about taking a payment holiday too.
Consider your Legal Options
Once you understand your budget, you’ll be able to start looking for ways to pay for your legal assistance. There’s a lot of help out there for people who need to manage their divorce with as little outgoing expense as possible. For instance, you might be able to apply to have your partner pay for the legal fees if you know that they earn more money than you. Again, talking to a professional will help here. Most attorneys will offer free consultations.
If you decide that you need to take out a 12 month loan to pay for your divorce or other expenses at this time, make sure that you hunt for a good deal too. Remember that comparing your options online can lead to lower interest rates and fewer fees.
Think Long Term
A lawyer will be able to help you plan for the future with your divorce and figure out what kind of payments you want to get from your other half. However, before you jump into the process, you’ll need to determine what your individual goals are. For instance, you might think that you want to keep hold of the family house, but if you can’t afford to pay the mortgage each month – this will just lead to more problems in the long term.
Sit down and think about what you can reasonably ask for when you’re dividing assets up with your ex-spouse. You have time to sit and think about what you want to get out of the divorce procedure. Rushing into things will increase your chances of more issues in the future.
Commit to More Frugal Living
Even if you’re in a good position financially thanks to a hefty savings account and a good income, the chances are that a sudden switch from two incomes to one will make a huge difference to the way you live. Additionally, there’s also a risk that you’ll be asked to hand a large portion of your savings and possessions over to your ex-partner.
To prepare for the worst, the best thing you can do is start practicing frugal living habits as early as possible. Ask yourself where you can reduce your spending, and always commit to finding the best deal before you buy anything. There are plenty of apps that can help you to live more frugally today, including tools that find you discount codes and vouchers for when you’re shopping online.
Get as Much Help as you Can
When you’re preparing for a divorce, getting help doesn’t just mean speaking to professionals about the kind of financial assistance you can get. There are plenty of forms of support that you’re going to need to get through this difficult time. Look into your options on everything from free therapy and counselling, to additional guidance from attorneys.
Additionally, remember to reach out to your friends and family and ask for their support too. They’ll be able to keep you balanced emotionally as you work out how you’re going to move into your life as a single person.