When a marriage ends, many men and women find themselves unprepared for the changes that may come their way. While it is impossible to fully anticipate the impact of a divorce, especially the emotional aspects, it is entirely possible to prepare for some of the financial ramifications. For anyone who is about to end his or her marriage, or who may do so soon, here are a few pieces of advice to help ease the monetary adjustment.
Living in British Columbia can be expensive, so it is important to be prepared. One may wish to begin by assessing the current situation. Knowing where the money comes from and what it’s being spent on can be a useful exercise. Many people don’t know both sides of the equation when it comes to household finances. Understanding this may help one achieve a better settlement.
This knowledge is also useful for establishing a post-divorce budget. Setting fiscal boundaries now and staying within them can help to keep a person from finding his or her way into debt. It would also be prudent to avoid any impulse buys during a divorce. While shopping is a great stress-reliever for some people, it’s better to save those resources for any unexpected expenses that might crop up.
Who one chooses as a legal representative can also make a big difference on the bottom line. A good family law firm can help a person work out an appropriate settlement, and may try to minimize litigation costs through negotiation or mediation, where possible. A lawyer who really understands divorce and family law in British Columbia could be the biggest money-saver of all.
Source: yourtango.com, “10 Brutal Lessons I Learned From My Divorce (So You Won’t Have to)“, Haywood Hunt, Feb. 16, 2017