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Divorce - Spouse/Life Partner
Ending a marriage or partnership doesn't have to be a lengthy and traumatic experience. If at all possible, think out the financial consequences of divorce before you take any action. It will minimize the financial impact both now and in the future.
What you can do:
Determine what your new income will be and what new expenses you'll have. Then adapt your spending habits.
Budget for one-time expenses associated with the divorce: lawyers, court fees and the cost of "buying out" assets from your partner.
Your lawyers or mediators are paid by the hour! Go to the bargaining table prepared.
Be your own best advocate. Know your assets and liabilities, joint and individual, so you can reach a settlement based on facts.
Once you have separated your finances, do the paperwork. Rewrite your will; change beneficiaries. Then reassess your financial situation and set new goals.
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