Don’t Let a Divorce Put You in the Poorhouse

Even an amicable divorce is not void of emotional stress. Seeing your hopes for a lifelong marital commitment come to end creates of multitude of feelings, so much that finances is the farthest thing from your mind, except perhaps alimony and child support. As painful as it may be, you have to start getting prepared for life after the divorce, when fiscal responsibility will be solely on your shoulders.

Consider enlisting the aid of a Certified Divorce Financial Analyst to do a cash flow analysis to give you a better idea of your current financial situation. Your cash flow analysis should break down what you have in savings, fixed/variable expenses, discretionary expenses and debt payments.

Try to be reasonable when reaching a divorce settlement. The ideal settlement is a fair settlement for both you and your former spouse. Make certain you understand the short- and long-term ramifications of whatever settlement you reach with your former spouse. If there is anything you don’t understand, don’t hesitate to ask your attorney. Make a list of property that you must have and be prepared to compromise on property you want but could live without.

Protect your retirement assets by having a Qualified Domestic Relations Order (QDRO) drawn up. Lastly, close all joint accounts and get a copy of your credit file. Close any accounts you don’t use. Credit should be used sparingly and not as a means to pay your other monthly expenses. Be sure to pay off your credit balances in a timely manner.

Colorado Criminal Defense Attorney Kevin Ellmann
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