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People must plan for financial changes following divorce

Considering how serious a decision it is to get divorced, it's understandable that many people will hesitate before making their decision. Oftentimes, there are conflicting emotions, uncertainly or a desire to try to fix marital problems. In other situations, the hesitation is more about practical considerations such as how the divorce will change the person life, whether they will receive adequate alimony or how it will affect their children.

One of the most common concerns is how an individual will fare financially after a divorce. While it may take some adjusting, experts have some advice which can help those transitioning onto their own income.

First and foremost is coming to an understanding of people's financial needs, obligations and expectations. Making budgets of expenses can be a useful way to understand exactly what people need to gain or keep during divorce proceeding, which may be helpful knowledge during a mediation or trial.

However, some experts caution against hoping to maintain the exactly lifestyle from before the divorce, at least at first. Downsizing or spending less on non-essentials may provide some comfort spending money for individuals coping with finances after a divorce.

Some final advice is to maintain savings, particularly if alimony is factored in as a source of income. Since alimony can change, some experts suggest trying to plan for the eventuality of alimony payments either being reduced or even removed.

If financial concerns are the only thing holding someone back from a divorce, then it may be beneficial for people to educate themselves about divorce to get more information regarding financial security. There is a wealth of information on this topic and learning the options may help someone make their decision.

Source: Fox Business, "How to financially readjust for post-divorce life," Anrea Murad, Aug. 2, 2013

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