Financial commitments and life events after divorce

Major life events and expenses

These events affect what you will and won't have to do with money. For instance, if your teenagers are beginning college in a year, you may need a smaller house along with a bigger paycheck. You may be completing your own education and need to budget time and money for a career change or job search.

Perhaps you are reaching retirement age and should prepare for living on a reduced income. Whatever your scenario, it's better to anticipate major events and prepare for them financially, than to get caught off guard when it is time to care for a major expense.

Anticipated financial commitments

To whom are you committed, and for how long? Have you agreed to assistance aging parents or an additional family member? Is that an indefinite agreement, or does it last for a specific number of years? Will you need to have money available for a business investment? Do you have an upcoming balloon payment? Again, the answers to questions such as these determine what's possible for your financial future.

Think about what's happening in your life and make a list of main upcoming life events and anticipated financial commitments. By getting this information down on paper, you'll not just clarify your financial needs but may also decrease your fears about the future. This exercise will serve as a guide as you make financial decisions in your divorce.

Finally, review the lists you've just produced and mark your top 3 priorities in order from one to 3. These are the subsequent major problems that will demand your attention and time. We suggest tackling only three objects at a time, simply because while you're working on them your financial situation is likely to alter, and you might have new priorities. You can repeat this physical exercise any time you really feel stuck about deciding what to do subsequent in your divorce.

Main goals and money

We all have goals, like to lose weight, be popular, and exercise more. Here, we're listing important life goals that might affect your finances-and vice versa. So think about what's important for you to achieve and will price money. This may involve getting more education, improving your business or your employability, or fulfilling an aspiration that's key to your happiness and well-being. List those goals and estimate their corresponding costs.

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