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How to Avoid Financial Strain During a Divorce

Divorce is a major life change that often causes tremendous stress and anxiety for the whole family. During this time, it is often challenging to take the time and think about your finances. Here are some things to consider that will help you be more prepared to take on your money matters.

  1. Work Out a New Budget: As your income and expenditures change, it is important to make necessary changes to your lifestyle. Break down your finances into five categories: fixed expenses, variable expenses, debt payments, savings, and discretionary expenses. This will help you see your cash flow and tweak the necessary items. As you do this, think seriously about the cost of your family home. It may be more profitable for you to move into a smaller home with possibilities of a new future. This will ease your pocketbook and your emotional state.
  2. Negotiate Reasonably: As you settle with your spouse, try to be as fair as possible. Contested divorce often takes much longer than mediation and uncontested divorce, and therefore is more costly. You also don't want to have to return to court to renegotiate, which will only add to court and legal expenses. To help communication with your spouse, make a list of all the items that are non-negotiable. Be prepared to compromise and understand that it could be incredibly costly to battle over certain items.
  3. Protect Your Retirement: retirement is an incredibly important asset. Make sure that you don't lose your retirement by talking to a divorce lawyer about your situation. You are legally entitled to receive benefits from your spouse's retirement plan and a Qualified Domestic Relations Order (QDRO) can protect your fair share.

Avoid as much financial hardship as possible by obtaining legal representation from a divorce lawyer in Denver with over 35 years of experience. At Sturniolo & Associates, we advocate for your best interests, both financial and emotionally. We want your resolution to be beneficial to you and your family, so we do everything possible to meet your goals in your case. Call the office for your free initial consultation!

Categories: Divorce
Sturniolo & Associates - Denver Divorce Attorney
Located at 5353 W Dartmouth Ave #202 Denver, CO 80227. View Map
Phone: (303) 732-5010 | Local Phone: (303) 831-4400.
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