If you’re considering a divorce, you need to create a plan that helps you prepare for life after divorce. The sooner you start preparing and planning, the sooner your life can move forward in a positive direction. Waiting too late or failing to create a lifestyle plan can lead to personal and financial consequences for you and your family.
If you have children who still live at home, their needs should come first. It’s important to make a plan that includes their health, safety and educational needs. During and after a divorce, children also need a lot of emotional support and sometimes family counseling to help them adjust to their new lifestyle and surroundings. No matter how difficult the divorce process is for you and your spouse, it can be even more difficult for your children. It’s essential to create a parenting plan through your family law Pasco County attorney that addresses agreeable parenting time and visitation schedules.
A divorce will significantly impact your finances and budget. You will be living on one income instead of two, so preparing to support yourself should be a major consideration in your plan. Typically, the cost of housing is the largest financial hurdle that most divorced couples face. Whether you stay in your current home or move to a new home, you will need a solid plan for income to pay for housing expenses including your mortgage or rent, utilities, and maintenance costs. If you are awarded the family home in your divorce settlement, make sure you can afford to keep it. If not, it’s best to consider selling it rather than struggling each month with the financial liabilities that come with the home. It’s better to make adjustments to your budget that cover the basic essentials such as shelter, food and healthcare.
If you’re planning to divorce, meeting with a financial advisor in the the early stages may help you address your financial concerns. It’s important to review your existing financial liabilities, including debts and tax liabilities. Your divorce attorney can help you with the division of existing assets, as well as alimony and child support.