Divorce the Financially Smart Way

Divorce is no fun.  It is an emotional roller coaster specific to the individual couple that are going through it.  Custody, child support, the ownership of the house and more can make things sticky and stressful, even in the best of circumstances.  But the one thing that both parties need to come out of it with is a fair assessment of their new financial status.

In a lot of situations, the mom gets custody of the children.  And whether she works or not, there is a gross adjustment in the income that is available to take care of the kids and herself.  At least in my experience with my friends, I have noticed that the mom makes the most sacrifices so the kids can have what they want.

But there are some steps that can to be taken to make sure you and your children are taken care of without having to give everything up.

Be honest:  On this technologically advanced world the entertainment options are everywhere.  And so are the bills!  Be honest with what you spend in the household and trim or eliminate where you can.  Do you really need a fancy cable package? Do you need a home phone line?  Do you need cell phones or tablets added to your bill that are really only for gaming?  If you can trim it, you need to before the month comes when you can make the bills.

Refinance: In today’s competitive financial world, banks are clamoring for customers.  If your car payment or mortgage is a stress, call the companies, explain the situation and see if they have a way to help you.  Go for fixed loans over variable rates and make sure that down payments and fees don’t make the change more expensive in the long run.  But sometimes, just calling your creditors can help eliminate some stress!

Sell what you own: Selling things online or at a garage sale can be a great way to accumulate and put some money away for that rainy day.  Plus the cleaning out of the old can help you refresh and get ready for the new life ahead.  Consider everything from bedding to clothing to kids toys and furniture.  It is amazing how much stuff you don’t need if you really look around.

No one wants to get divorced when they get married but it does happen to a majority of marriages.  So the best thing is to move on the best you can.  And if you are the main caretaker of the kids fiances are a huge burden.  Simple actions can help make a huge difference down the line. If you are planning on getting married, then read 10 Ways Budgeting Saved My marriage.

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