It is no secret that divorce can be expensive. Living on a single income, splitting assets, taking on debt from your partner and paying court fees may make it tough to make ends meet. In fact, according to one study, divorce is one of the top causes of bankruptcy.
But while divorcing your spouse may be demanding on your wallet, it does not necessarily need to make you go bankrupt. Here are some tips for ending your marriage without breaking the bank.
1. Prepare your finances
The clearer picture you have of your financial situation, the better. You will need to submit a financial statement that lists your income, assets and expenses. Make sure you get these documents in order sooner rather than later. You may also want to pull your credit report to get a good idea of where you stand.
2. Forget about the minor issues
Your divorce may make your emotions go wild, but you should avoid fighting over small things that will not really matter in the end. If you fight about insignificant problems, your legal bills will skyrocket. Avoid arguing over assets that do not have value. Do not bicker about minor issues regarding custody, such as how much time your children will spend with their grandparents. The less time you spend arguing about trivial matters, the more affordable your split will be.
3. Have an open mind
If you treat your divorce as a winner-takes-all battle royale, you can expect your wallet to drain quickly. While you may be angry and bitter, you do not want to end up in financial devastation by acting on your raw emotions. Be as flexible as you can be, especially when it comes to inconsequential issues. It does not make financial sense to fight tooth-and-nail over insignificant topics.
Going through a divorce can take a major toll on both your heart and your wallet, but these guidelines may help your finances stay intact.
