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Financial Preparation is Essential to Surviving a Divorce

Divorce is emotionally and financially draining and the more contention the more expensive it gets. One of the hardest parts of many divorces is the division of assets especially in families with large incomes and many physical assets. However, this can also be difficult in smaller, one-income homes where one person may suddenly find themselves without access to any income. Here are five tips that will make planning for financial success a more complete reality as the divorce pends.

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Divorce finances

Don’t Panic! 3 Stressful Fiscal Issues That Shouldn’t Blow Your Budget

While many major events can result in unexpected expenses and lost wages, these issues do not have to jeopardize your financial future.  Major life events can wreak havoc on your personal finances and that is why during ordinary times you should be building yourself a safety net. This net should ideally be six months to one year of living expenses. So if you typically average $3,000 per month in expenses (this includes rent/mortgage, food, gas, utilities, entertainment, everything) then you should have an emergency fund of at least $18,000! (6 x $3,000= $18,000) and preferably $36,000. If you don’t have at least the minimum you are at risk if one of the following events hits you.

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