Resolution Through Negotiation

Family law and child custody representation in Minnesota's Twin Cities.

How can I survive financially after my divorce?

On Behalf of | Jun 14, 2016 | Firm News |

Whether you are thinking about filing for divorce or in the midst of one, dealing with the situation is never easy. However, there are some ways you can protect your finances so you can improve your chances for a new start after your divorce has been finalized in Minnesota. First, start making preparations before you file for divorce. GWG Life recommends that you should work towards becoming financially independent. To do this you will need to become more organized so you can learn all you can about your financial situation.

Once you start the divorce process, you will need money for a number of reasons, including becoming accustomed to using one income to support your household. Evaluate your entire financial portfolio and look for unexpected sources of money that you may not be aware of or have forgotten to consider. Look over your statements, invest your money into interest earning accounts and do not forget to check into your retirement and life insurance policies.

Divorces where there is property involved can be challenging and take a bit of time to resolve. To minimize any inconveniences, you and your soon-to-be ex-spouse should come to an agreement on who should stay in the home and who should find another place of residence. You should also be mindful of your debt situation. Creditors can come after you for any joint debts that were incurred during your marriage. Consider canceling any credit cards you do not use and pay down any debts you and your partner have before your divorce is finalized.

Making preparations before you file for divorce can keep you from falling prey to many of the financial pitfalls that may be awaiting you once your separation has been finalized.