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Avoid financial fallout after divorce

During a divorce, the division of assets and debt can transform your financial situation. You could find yourself in a less stable position than when you were still married. What you do after the divorce is complete, however, could help you regain financial independence – or create massive debt.

Your emotions are likely running wild during this period of life change. Increased stress can be hard for your health, but this situation can also destroy your wallet if you don’t have a preemptive plan. It’s easy to try to make yourself feel better through shopping or ignoring bills, which is why you should pay attention to your habits during the months after finalizing divorce.

The main strategy that can help you avoid falling into debt after divorce is simple: budgeting. Once you have an idea of your share of marital assets and the prospects of spousal support, you can determine how much you can spend per week or month.

While a little retail therapy can help you relieve stress, you can set a limit on how much you spend ahead of time by only paying in cash. The temptation of new gadgets or clothing can easily run up credit card debt, but seeing the physical money leave your wallet might prompt you to think twice about purchases. Alternatively, you could use a pre-paid debit card to make sure your “fun” spending aligns with your predetermined budget.

If you are concerned that an upcoming divorce won’t leave you enough money for the future, you can speak with a divorce attorney about how assets are split up and whether spousal support is a possibility. A lawyer can also help you resolve any disputes on asset ownership so that you can stay financially strong after separation.

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