When you divorce, you shouldn’t just think about what you need in the moment. A divorce has a potential impact on you now and far into the future.
Your divorce may impact your finances, your retirement and even what you can afford to provide for your children. Here are three reminders to help you divorce with your future in mind.
- Focus on finances following spousal support
During your divorce, one thing you may decide is that you want to seek spousal support. That support may help you sustain a similar standard of living and to stay afloat while you go back to school or focus on your career.
For most people, this support won’t be permanent. Make sure that you think about how your finances will be impacted once that support ends, so you seek enough assets to have support well into the future.
- Remember your retirement
Another thing to do is to remember your retirement. Many people overlook seeking a fair share of retirement income, but failing to do so could hurt your ability to support yourself later on.
If you aren’t sure if you’re entitled to any portion of your spouse’s retirement, your attorney can review those documents and let you know how to transfer those funds with minimal, or no, taxation. You should also look for stocks, bonds and other financial items that may help support you in the longer-term.
- Remember that kids are expensive
Finally, remember that children are expensive, and you will need to negotiate for enough spousal support, child support and assets to make sure your child has the necessities. If something comes up, like an unexpected medical bill or a trip they want to go on, then you should already have a plan in place to make sure that they get what they need.
Always remember that your future could be impacted by divorce
These are three things you should think about before you negotiate your divorce settlement. Your future is just as important as your present, so you should make sure that you take steps to protect your best interests.
