The financial side of a divorce is a big one, and residents of Phoenix, Arizona, need to know how to tackle it from the moment they decide to file. Below are some tips that can help, and you should also make sure you know all of the laws, regulations and processes that need to be followed.
First off, never have any doubt about the numbers. Don’t just have a rough idea of what you have in your investments or your bank account; know exactly what you have, right down to the last cent.
Next, know exactly what types of costs may come with the divorce. Will you need to pay or receive child support? What about alimony? How will the assets be divided? Make a list of everything and what it could cost so that you are ready.
After that, you may also want to list out what life is going to be like after the split. Make a brand new budget that is just based on your own income. This gives you an idea of what you can afford so that you know what to do.
This part is huge, because it goes beyond just splitting up money. Property division also comes into play. For example, you may fight in court to keep a custom-built home because you love it and you don’t want to lose it. You may even win the fight. That victory will be pretty bittersweet, though, if you suddenly realize that you can’t actually afford it on your own.
Finally, don’t make any decisions impulsively. Take the time to clearly think everything out and react without bringing emotions into it.
Source: The Week, “8 financial tips for men getting a divorce,” Hayley Krischer, accessed Aug. 11, 2015