Ending a marriage is an emotional experience and most couples dread splitting up assets in addition to facing the unknown once the divorce is over.
Here are three tips to help you manage property division and the post-divorce era with greater confidence.
Negotiate the settlement
Changes happen in life; your divorce is a perfect example of that. In negotiating your settlement, think about changes that might occur in the future and rely on legal guidance to help you anticipate risks. Adding language in the settlement agreement to address changing circumstances could reduce the chance that you will need to modify the agreement at some point in the future.
Deal with a new lifestyle
Too often people facing divorce mistakenly believe they will continue to enjoy the kind of lifestyle they knew during marriage. Remember that following the divorce, you will likely have half the income. You may need to downsize, and you will almost certainly have to develop a pared-down budget.
Learn about finances
Until now, you may have given little thought to finances, preferring to let your spouse manage that aspect of your marriage. However, now is the time to educate yourself on financial matters. You can begin by making a list of your marital and separate assets and liabilities. Your attorney will need this information, but you should also keep a copy for yourself. It will take time to put such a list together, but not only is it essential for property division, it will serve as a basis for understanding how much you will need to live on once the divorce is behind you and you enter the next chapter of your life.