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How to prepare your finances for life after divorce

Regardless of why you're divorcing, you can't spend all your time dwelling on the past. It's okay to reminisce, but it's critical to turn your attention to the future before and during the divorce process.

More specifically, you need to prepare your finances for life after divorce, as the sooner you do this the less likely it is that you'll make a costly mistake. Consider taking the following steps:

  • Create a property and debt division checklist: This will guide you during your divorce, while also giving you a clear idea of what you may end up with when everything is said and done.
  • Create a post-divorce budget: Your budget before and during your divorce will differ from your budget in the future. Plan for the future with a clear idea of how much you'll earn and your monthly expenses.
  • Prepare to make concessions: Even if it's something you don't want to do, there's a good chance your divorce will cause you to change the way you live. For example, now that you only have your salary, you may need to trade in your luxury car for something more affordable.

If you neglect to prepare your finances in advance for life after divorce, you could quickly find yourself in trouble. This will force you to make fast decisions, which could impact your ability to stabilize your finances.

Divorce will consume your life for an extended period of time, but don't let it stop you from preparing your finances for the future. The steps you take now will save you time, money and headaches post-divorce.

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