Prepare for a new financial reality after a divorce

On behalf of Peterson Stark Scott posted in Divorce on March 7, 2017.

If one has never been the sort to prepare for the future, it may be time to start when the end of a marriage is at hand. Divorce leaves many people in British Columbia in financial situations they did not foresee, and that can make life stressful and challenging. There are some simple techniques, however, that may result in a better outcome.

When on the cusp of divorce, the time is right to start living a bit more frugally, if one wasn’t already. It may be prudent to set a budget based on a realistic projected income as soon as possible and stick to it. While impulse buys and sudden splurges can be immediately satisfying, that money could probably be better spent. Unexpected expenses are not uncommon during a divorce, and it is always best to have funds available when they crop up.

It may be helpful to make a thorough assessment of one’s financial picture early in the game. Knowing exactly what one’s debts and assets are, as well as those of one’s spouse, can help with budget formulation and may also put one on good footing during settlement negotiations. This should include making sure one is able to access all joint accounts and investments.

Whom one chooses for legal representation or family law counselling can also affect the bottom line, not only where fees are concerned, but also the ability to reach a suitable settlement. Finding a British Columbia law firm with the skills to handle every aspect of a divorce may be highly beneficial. A good financial future can begin with the right choice of lawyer now.

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