How to Handle the Financial End of Your Divorce

When a couple decides to get a divorce, the last thing on their mind is probably money. However, the financial end of a divorce can be just as complicated as the emotional end. This blog post will discuss some tips for handling the financial end of a divorce and will cover topics such as dividing assets, alimony and child support payments and managing debt. If you are going through a divorce, it is crucial to understand these concepts so that you can make informed decisions about your future.

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1) Dividing assets

One of the first things you will need to do when getting a divorce is to divide your assets. This can be a complicated process, especially if you have a lot of assets. You and your spouse will need to decide who gets what. If you have children, you will also need to consider how they will be taken care of financially.

Some couples are able to divide their assets amicably, but others may need to go through mediation or arbitration and use professionals who specialize in International asset tracing in divorce. It is important to remember that each state has different laws about asset division, so it is important to consult with a lawyer before making any decisions.

2) Alimony and child support payments

Another financial consideration of divorce is alimony and child support payments. Alimony is money that one spouse pays to the other after a divorce. Child support is money that one parent pays to the other for the care of their children. Both of these payments are typically ordered by a court.

The amount of alimony and child support you will pay or receive will depend on many factors, such as your income, the needs of your ex-spouse or children, and the laws in your state. Therefore, it is important to consult with a lawyer to understand how these payments work in your state.

3) Managing debt

Another financial issue to consider after a divorce is how to manage your debts. You and your spouse will need to decide who is responsible for paying off any joint debts, such as a mortgage or credit card debt. If you have a lot of debt, you may need to negotiate with your creditors about payment plans or consolidation loans.

4) Taxes

One final financial consideration of divorce is taxes. When you are married, you and your spouse can file your taxes jointly. However, after a divorce, you will need to file your taxes separately. This means that you will need to know how to prepare your own taxes. You may also be eligible for certain tax deductions, such as the Head of Household deduction.

If you are getting a divorce, it is essential to consult with a tax professional to understand how this will affect your taxes.

Divorce can be a difficult time financially, but by understanding the basics of asset division, alimony and child support payments, and debt management, you can make informed decisions about your future. With careful planning and these tips in mind, you can make the financial side of divorce a little bit easier.

Bounce Back: How To Recover After A Financial Setback

Life is full of setbacks, and in these uncertain times having just one thing go wrong can set everything off the right track. Whether you’re just starting out after graduation, or you’re a fully established presence in the business world, a financial disaster can impact both your personal and professional life. When these setbacks occur, it’s important to stay calm and assess your options. Different situations have different solutions, so here are a few examples.

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Even if a separation is amicable, making it official is costly, and emotionally draining. But once everything has been divided, and you are certain about what is yours, you need to reestablish credit in your own name. First, ward off any potential credit problems by getting rid of all joint accounts you had with your former spouse, and build up your new credit by making sure to pay all your bills on time. If you don’t have a lot of credit in your own name, try building it up by applying for a secured credit card, which requires you to pay cash upfront for a credit line.

Find out where you stand financially by getting reports from the three credit bureaus — Equifax, Experian and TransUnion — via the government-mandated site, AnnualCreditReport.com. If you spot any credit errors, write to your creditors or the credit bureaus and dispute any mistakes.


Having a lot of debt is probably nothing new to a Millennial, but that doesn’t make it any easier for anyone to live with it. Fortunately, if you’re patient and you stick to a thought-out plan, you could eventually free yourself from the grip of debt. Ask yourself the following questions to assess your situation:

  • What are your remaining assets?
  • How much money do you owe?
  • How much income do you bring in each month?
  • How much do you spend?
  • What is your credit score?
  • Are they any long term implications to the financial disaster (alimony, health issues, I.R.S. liens) that must be included in your recovery plan?

Once you’re familiar with your situation, you can begin to make a realistic repayment plan. If you need some help with this, get in touch with a money mentor who can point out other solutions. T may also be a good idea to set aside some emergency funds in case another setback occurs while you’re making progress with your repayments. Even if it takes you years, you can use these steps to free yourself from debt.

Medical Bills

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Medical problems can come in a variety of forms. If you work as a self-employed freelancer, or in hospitality, taking a few days off sick can set you back in shifts and leave you short of your rent for a month. More serious injuries and illnesses that lead to hospital stays will certainly lead to unexpected bills.

Recovering from these bills will put a strain on your finances for a while, but if you tighten your belt and employ the same steps you use to recover from debt, there’s a good chance your finances, and your health, will recover. Sometimes it helps to reach out to your bank and asking for a short reprieve. If you don’t ask, the answer will always be no.

If you have an ongoing illness or handicap, and feel you need more aid to recover financially, you could find a disability lawyer to help explain your options.

Unexpected Job Situation

Jobs aren’t as dependable as they once were. Sometimes you chose to leave your job, and you have emergency funds in place while you job hunt. Other times, you find yourself without a job, just when you’re starting to get your finances back into order.

If you’re in the latter situation, you really have no time to wallow in your disappointment. Clarify with your soon-to-be-former employer, how much longer you will be staying on, and if you will be paid for the time you are still an employee. Once you know how much longer you will have money coming in, spend your free time sorting out your resume and securing references. In this case, the best way to financially recover from losing your job is to make sure you get another one lined up as quickly as possible.


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Nothing feels quite as shameful and humiliating as having to declare bankruptcy. There is a horrible stigma attached to declaring bankruptcy, as though you were solely to blame for not paying your bills on time. But unfortunately, despite our best efforts, sometimes it’s impossible to pay off your debts. You’re not alone. A May 2011 survey from FindLaw.com indicated that one in eight adults in the U.S. — about 13 percent of the population — say they’ve contemplated bankruptcy.

However, instead of wallowing in feelings of failure and disappointment, you need to start looking into how you can turn your situation around. As difficult as it may be, you have to look at your situation objectively in order to identify what led you to this point. Only by understanding how you got here, can you begin to make an effective plan to recover from bankruptcy. Set a budget and stick to it, avoid payday loans, find a way to rebuild your credit, and be sure to monitor your credit reports regularly.


Between 2007 and 2011, a record number of homeowners went through foreclosure, and there are currently 798,495 properties in the US that are in some state of foreclosure. If you’ve recently lost your home, you’ve probably gone through most of your savings. Once you’re set up someone, either with family or in rented accommodation, the best way to recover from foreclosure is to rebuild your savings by creating a ‘rainy day’ fund. Even if you’re happy to be renting for the rest of your life, having an emergency savings account can go a long way to helping you gain back some financial stability in case of other setback.