There's no doubt about it --
Going through a divorce can be an emotionally trying time.
Ironing out a divorce settlement, attending various court hearings, and dealing with competing attorneys can all weigh heavily on the parties involved. In addition to the emotional impact a divorce can have, it's important to be aware of how your financial position will be impacted.
Now, more than ever, you need to make sure that your finances are on the right track. You will then be able to put the past behind you and set in place the building blocks that can be the foundation for your new financial future.
Review this infographic to see our top tips and ideas to help women manage their finances during and after divorce.
The average divorce can cost this much per person (uncontested)
Know your income sources. Keep in mind that you may need to cut back on some discretionary expenses (aka luxuries) until you adjust to your new situation.
A 50/50 division may sound fair, but liquidity and taxability can drastically impact your future net worth.
Walk into negotiations knowing the nature of the assets so you don’t get blindsided later.
The assets and responsibilities you are splitting can have a big impact on your tax return. IRAs, Brokerage accounts, spousal support, child support and child deductions can alter how much you pay Uncle Sam.
Know the ramifications before you settle.
Review and Check Your Credit Report
Make All Credit Payments On Time
Don't Apply for New Credit Cards You Don't Need
A positive credit history is important since it will allow you to obtain credit when you need it. It may even be a prerequisite for a job that you want.