Prepare financially for life after divorce

People in Wisconsin who have recently gotten a divorce might be wondering how they are supposed to readjust their finances to fit their new post-divorce lifestyles. There are numerous steps that individuals can take to prepare themselves for life after divorce financially. The first thing that they should do, however, is consider whether or not they will be getting any alimony in their divorce.

Alimony is extremely important to some people after they are divorced, especially if they didn’t work throughout their marriage. Alimony might be their primary support system after their divorce. However, they might want to consider planning for how they’re going to budget their finances if they don’t get lifelong alimony since many states are considering making reforms to do away with lifelong alimony and make payments last for a shorter duration.

People who do receive alimony payments might consider using those payments to subsidize their primary incomes. Additionally, they might use their alimony to fund additional education to get into a better career. People might also adjust their budgets by downsizing their homes; chances are that they don’t need as much room as they did before, and downsizing may help them cut utility and maintenance costs too. They should also consider adjusting their budget for their new lifestyle as their income might be less, and getting rid of any non-essential expenses could close the gap. Additionally, people should consider saving money to ensure that they are protected in the event of an emergency.

Family law attorneys may be able to help couples negotiate tough issues like alimony in their divorce proceedings. They might also help them figure out how to equitably divide up their marital assets and negotiate issues such as child custody and support.

Source: Fox Business, “How to Financially Readjust for Post-Divorce Life“, Andrea Murad, August 02, 2013