Divorce disputes need not dictate your individual economic forecast

Most divorcing couples experience contention as they divide their marital assets. Questions about who gets the family home and ongoing financial support often contribute to multiple heated conversations.

Protecting your interests is a significant factor in this process. Yet, property division should merely play a part in a larger role: your future.

Three considerations for post-divorce financial stability

Individuals commonly become so consumed by divorce proceedings that they lose sight of the big picture. Rather than succumbing to temporary conflict, however, you can take control of the life you want to create as you begin to live on your own.

How can you empower yourself? Before you reach a settlement:

  • Develop a budget. Regardless of your income level, staying afloat requires living within your means. A shift to single life may encompass a lifestyle change, but cutting costs and evaluating your spending habits could help you prepare.
  • Get a credit card in your name. Depending on your situation, securing credit could become more difficult after dissolution. It’s better to be ready for unanticipated expenses than wait to handle challenges with whatever’s left in your bank account.
  • Update your documents. Be prepared for a change in marital status to affect tax withholdings at work. Reclaiming your maiden name could also complicate matters down the road if accounts aren’t updated correctly. Furthermore, you may want to revisit your estate plan and designate your assets to a beneficiary other than your former spouse.

It’s natural to feel frustration and defeat when the life you promised to build together tumbles into ruins. But remember, nobody else can decide your fate.

Despite pain, regret or anger, your life will continue. No matter how favorable your divorce outcome is, you have the power to direct your path.