There is undoubtedly a lot to take care of and think about in a divorce. While you likely keep your financial health in the forefront of your mind, you may not have a full picture of how to set yourself up for financial success for life after divorce.
Forbes offers a few financial points to ponder. Make note of these issues as you cultivate a divorce checklist.
Real estate
Before you start fighting for the marital home, think about how much of a financial investment owning a home on a single salary becomes. There are property taxes to pay, upkeep and maintenance to think about, and potentially a mortgage you still have not paid off. Selling the property, splitting the proceeds and moving into a smaller residence could be the better option.
Taxes
Do not wait until tax season to decide how to handle your new tax situation as a single person. Talk to an accountant familiar with working with divorced couples to understand how much you can expect to pay in taxes and how your new marital status impacts future filings.
Marital debt
Unfortunately, any marital debts you have with your soon-to-be-ex-spouse remain your financial responsibility even after you finalize the divorce. Gather up all credit card bills, loans and the like that are in your name, no matter whether they are joint debts or individual debts. Decide how you will take care of your personal debts as well as any joint debts with split responsibility between you and your current spouse.
Spousal and child support
Talk with a legal professional about how best to work out spousal support and child support if you and your soon-to-be-ex-spouse share any children. No matter if you receive or pay support, it impacts your financial future. Going back to taxes, new tax laws have changed how divorced couples handle taxes on paid and received child/spousal support. Be sure to bring this up with an accountant or financial advisor.
