Once you decide to divorce, you’ll realize that it will affect your finances in a number of ways. Where will you live? How much money will you receive as a result of your divorce? How much debt will you take on? Will you have to find a new job to better support yourself?
As you answer these questions, you may find yourself pondering a big purchase. While it sounds like a good idea, it’s something you should put off if at all possible. Neglecting to do so can add more confusion and stress to the divorce process, as your-soon-to-be ex-spouse could argue that it was purchased with joint funds.
Here are some of the big purchases you may think about making:
- Real estate: For example, if you know that you won’t be staying in the family home post-divorce, you may begin your search for a new house. While it’s okay to start your search, you don’t want to pull the trigger on a purchase just yet. If you have no choice, make sure you’re careful to do so with individual funds.
- Motor vehicle: If you have a car, keep it for the time being. Even if it’s not ideal, it’s better than making a purchase as your divorce unfolds. However, if you don’t have a vehicle and you need one to live your life, such as to commute back and forth to work, you may have no choice but to make a purchase. Once again, you should only do so with funds that you own 100%.
- Anything to make yourself feel better: You’re going through a difficult time in your life, so you may get the idea of buying something that puts a smile on your face. From a big screen television to a trip to a tropical island, there’s no shortage of options. As tempting as it may be, put this off until after your divorce is finalized.
Divorce will affect you in many ways, with your financial circumstances at the top of the list.
As you move through the divorce process, do your best to avoid costly purchases. This will help prevent additional complications and disagreements.
