Divorce is expensive, especially if you have each retained an attorney and you’re fighting over things. During the divorce, you need to take steps to control your legal fees so the process itself doesn’t bankrupt you. The average divorce costs $20-30,000 in legal fees, so anything you can to do reduce that will help.
But what about your life after the divorce? How will you survive financially?
Here are some critical steps to take so you can move forward financially with confidence after your divorce.
1. Know your money inside and out. You cannot get a fair financial settlement if you don’t know what has been happening to the money or where it went. This means going over your bank statements, credit card statements, and tax returns with a fine tooth comb. (Yes, the Divorce Money Guide is your secret weapon here because it gives you a simple process to follow to accomplish this, and will tell you exactly what to look for in these documents.)
2. Fight for what is yours. I see too many women giving up and walking away from money and assets because they don’t want to fight. You have ONE chance to get a good settlement, and this will affect you for YEARS to come. GET WHAT IS YOURS.
3. That being said, know what is worth fighting for. Fight for the big dollars and the things that you have a good legal argument for. All the other stuff is just noise and costs you a ton of money in legal fees to pursue. Focus on YOUR financial security, not on the idea of hurting him.
4. Plan, plan, plan. You need a solid budget for now and for after the divorce. This includes a current monthly budget, a monthly budget for the first year after your divorce, and a long-term plan that shows you where you will be financially 5, 10, 15 years down the road. (We go through budgeting all of your living expenses in the Divorce Money Guide.)
Being proactive about your financial situation (rather than reactive) is one of the best steps you can take. I want you to take control of your money so that you can be as financially secure as possible after your divorce is final.
