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Prepare for post-divorce life as you enter property division

On Behalf of | Dec 31, 2021 | Divorce

Over the course of your marriage, you and your spouse may have accumulated significant assets and enjoyed a comfortable lifestyle.

Property division may upset some of your post-divorce expectations, so it is best to prepare realistically for the next stage of your life.

Understand the financial aspects

Your spouse may have handled the financial side of your marriage, but now is the time for you to learn as much as you can about your financial picture. Start by making a list of your assets and debts. Understand your income streams and track your expenses This will help you gain insight into the state of your finances. Also, what you learn will help you develop an appropriate budget for life after the divorce.

Keep up with the details

During a lengthy divorce process, it is tempting to disengage from the complicated and often uncomfortable details. Gathering the information you need for negotiations is, in itself, exhausting. Remain engaged to ensure that you do not miss important points, such as how keeping the family home could drain your budget or how you and the other parent will share the costs of raising your children.

Prepare for a different lifestyle

Even if you are splitting significant assets during the property division phase of your divorce, your new lifestyle is going to be different than your marital lifestyle. You may have to downsize. You may have to live on less. Depend on your divorce attorney, your financial adviser and other professionals to answer the questions you have. Your attorney can guide you through property division. However, the more information you can put together personally, the better prepared you will be for life after divorce.

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