Managing finances after divorce can be challenging

| May 18, 2017 | Divorce

Going through the dissolution of a marriage in Massachusetts can have a wide range of emotional and financial consequences. However, even after the divorce has been finalized, the emotional and financial challenges are not over. A few tips may help with managing finances while coping with the new life changes that follow divorce.

Creating an accurate budget — one that accounts for all liabilities along with all income — is an important step following a marital split-up. Part of this is examining one’s spending habits to determine if they could use some adjusting. This includes spending on dining out, entertainment and children’s activities.

Another important step is to keep planning for the future once the management of daily finances has been mastered. This includes planning for retirement and other important personal milestones, such as opening a small business years down the road. Creating a savings plan to achieve these goals is crucial, as even small amounts saved up can really add up over a period of time. Getting professional guidance from the likes of financial advisors, estate planners and tax professionals can especially make monetary management easier after splitting up with a spouse.

Because divorce can be a stressful ordeal, allowing one’s emotions to be a distraction when making important financial decisions can be easy. Unfortunately, this can have negative repercussions long term. An attorney in Massachusetts can provide an overview of a divorce case, help to pinpoint the matters that may lead to the most conflict and then offer the best legal path for pursuing one’s goals.

Source: wickedlocal.com, “Finding financial stability after a divorce“, Alan F. Auteri, May 9, 2017