When you're getting divorced, the emotional aspect of it is probably on your mind more than the financial. You're just trying to get used to the idea of being single again. So you may not pay too much attention to the way in which the finances are arranged. However, if you don't pay attention to this aspect now, you're sure to regret it later.
Expenses Increase After a Divorce
Let's face it: two people living alone are going to spend more money than two people living together. When you only have one rent/mortgage to pay and when you're buying groceries in bulk, you're going to save money. So it's important to make sure that you're not putting yourself at a disadvantage, financially speaking.
Alimony and Child Support
Most women have to decide whether to apply for alimony and child support. Don't let your pride prevent you from doing this because you'll regret it later. You may already have a job but if your spouse was the main breadwinner, your job may not pay you as well as you need to support yourself and your kids. You're not out to fleece your ex, only to get what's needed for you and your kids to maintain a decent standard of living.
Splitting the Assets
Make sure that you know the value of any assets the two of you might own, like a house or a vacation home. You might end up selling these assets and splitting the proceeds. Or one of you might take one while the other will take the other. But if you opt not to sell, then don't settle for the asset with a lower market value. Make sure you get your half of the assets, whether you choose to liquidate them or not.
Working It Out Amicably
The best thing to do is to work things out amicably with your ex-spouse, with both lawyers present, or a mediator, if that's what you've opted to do. You don't want things to get to the point where you're fighting it out in court.
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