The U.S. Centers for Disease Control and Prevention has data showing that the rate of marital split-ups has been moving downward. However, just a look around one’s social circle may reveal a very different story: Split-ups are still common. A couple of tips can help with protecting one’s finances following divorce in Alabama.
First, taking stock of all expenses is critical. Understanding how much money must be spent every month to sustain a particular lifestyle is necessary to determine whether a financial shortfall can be expected following a marital split-up. In many cases, a gap is unavoidable, so taking steps to fill this gap is paramount.
Those going through divorce may not want to talk about the idea of downsizing. After all, many are emotionally tied to their family homes. However, getting a smaller home or renting might be the most realistic way of lowering costs. Other ways of generating more income include renting out rooms, making the home available to Airbnb or a similar service, or moonlighting at a coffee shop. Reducing costs or generating more income can make it easier to live independently after divorce and even stay on track with saving and planning for retirement.
Balancing the financial challenges of a divorce proceeding with the emotional ones can understandingly be difficult. However, going through mediation or collaborative divorce may help to make the process easier. An attorney in Alabama can help with fighting for one’s fair share of assets and making educated financial decisions to provide the most financial stability possible following a divorce.
Source: newsok.com, “Don’t Let Divorce Ruin Your Finances“, June 22, 2017