How to Stay Financially Buoyant During a Divorce

Divorce can lead to financial hardship and even bankruptcy if you aren't prepared. If you are going through a divorce or expect a divorce soon, you need to take these steps to protect yourself financially.

Here's how to stay financially buoyant during a divorce, so you don't have to start over with nothing.

Hire a Divorce Attorney

An experienced divorce attorney, like those at John D Wieser Esq, PC, can help make sure you get to keep the assets you've worked so hard for. You may not get to keep every last dime, but your lawyer can help negotiate a fair, better deal in court.

Learn to Be Frugal

You may be tempted to treat yourself and kickstart your life as a single person, but now is not the time to go crazy buying expensive clothes, beauty treatments, vacations, and dinners out. Save your money if you need to purchase a new home or vehicle after the divorce.

Get Financial Advice

An accountant or financial advisor can help you tremendously during this time, especially if your spouse has been the only one handling the household finances. You need to learn the basics of money management so you can succeed on your own.

Downsize

After your divorce, you may not be able to afford the mortgage payment on your large home. You may need to buy a smaller house to accommodate your new income level. 

Selling stuff, you don't need and reducing expenditures is also a great way to save money and simplify your life during this hectic time.

Lean on Friends and Family

If you've been kicked out of your house, you may want to ask a friend or family member for a place to stay instead of booking an expensive hotel. 

This is only temporary until you find a new home or apartment, but it can save you thousands. It can be hard to swallow your pride and move back in with mom and dad, but your wallet will thank you.

Determine Your New Budget

One of the most important things you should do when you get divorced is determining your new budget. Since your household income will be reduced, your expenses will also have to decrease. 

Cut out unnecessary expenditures and create a new monthly budget that includes the costs associated with your divorce.

Going through a divorce can be a long, arduous process. You may not come out completely unscathed, but by following these tips, you can keep your finances in order and end your marriage without going broke.

What Happens to the Family Home During a Divorce?

After a couple gets a divorce, one of the main questions is: who gets the family home? Answers to this question vary from state to state and from case to case.

Divorce in the United States usually results in one party receiving the family home or both parties selling it. It is possible for one party to refinance their mortgage or rent it out for income if they cannot afford to buy out their partner's share. 

Here is some more information about what to consider during this portion of the divorce process.

Deciding What to Do With a Family Home

Buying a home is a big decision that should not be taken lightly. Considering the average cost of a home in the US is $220,000, this purchase has long-term implications. For this reason, the decision of what to do with the house is one of the most difficult for couples.

It is especially difficult when one spouse owns the house, and the other has lived there for many years. Uncertainty about what will happen to a marital home after separation can cause anxiety, which is why it's best to devise a plan before things get out of hand.

In addition, children usually remember their home as the first place they grew up in. In many cases, it's when a parent recalls a time when they were growing up and tells a memory they treasure from that time. 

Because of this, it is also common for the parent with majority custody of the kids to be able to stay in the home for a certain period of time.

The Benefits of Legal Counsel

It can be difficult to know where to turn for help when going through a divorce. Divorce lawyers are a helpful resource because they can provide guidance and assistance throughout the divorce process. 

Your lawyer can explain your rights, as well as those of your spouse, and provide you with practical advice on how to divide assets and debts fairly.

Family homes are often at the center of divorce proceedings, especially when children are involved. Your family home can be protected by an experienced attorney who can help you navigate this complex process. 

Whether you need help navigating the ins and outs of property division or simply need support during this challenging time, a divorce lawyer can be an invaluable resource. 

If you're struggling with your divorce or don't know what to do next, reach out to an experienced attorney in your area and find the guidance that you require.

Conclusion

Property should be divided when a couple divorces so that each person can move on with their lives. A lot of factors must be considered, including whether the property was purchased during the marriage and what type of property it is. 

In many cases, it may be wise to have an attorney assist you. In some cases, one parent will argue that they should receive the property because they were the primary caregivers for their children during the marriage. 

In most cases, this is not a decisive factor when dividing property since other variables must be considered. For a more comprehensive perspective, speak with a legal professional.