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Commonly Asked Questions about Divorce without Joint Property or Debts

Barriers to divorce are psychological restraining forces to marital dissolution that originate from sources besides the quality of the relationship between husband and wife (Levinger in Knoester Booth, 2000) .
During a separation or divorce, these six considerations can help you to protect your financial future: Realize the tax implications. Know your rights. Formalize it with a separation agreement. Understand the division of family property. Establish which assets are shareable. Review your estate plan.
Create a post-divorce budget that Includes all your sources of income (alimony or spousal support, as well as earned income), expenses, and savings goals. Make sure that you cut discretionary expenditures if necessary, so that you dont spend beyond your means by months end. Prioritize saving for your retirement.
It may take up to five years for an ex-spouse to regain his or her former financial equilibrium. A recent investors survey revealed that most individuals recovered from both the psychological and financial setbacks following a divorce after a five-year adjustment period, as reported by Reuters.
How to Get Back on Your Feet Financially After a Divorce Create a Budget and Stick To It. Focus on Whats Important. Pay Down Debt First. Boost Your Credit Score. Generate More Income. Spend Money Wisely. Find Alternate Accommodations. Getting Back on Track After a Divorce: Its Tough, But Worthwhile.
There is a good body of research on the subject that shows women bear the heaviest financial burden when a couple divorces.
Below are some crucial financial steps to take post-divorce to start living your life the way you want as soon as possible. Reassess Your New Income. Decide if Keeping the House is Financially Feasible. Find Affordable Housing. Build Your Personal Credit. Practice Minimalism.
Despite their best efforts to arrive at an equitable agreement, financial disparities between spouses after divorce are a reality for some couples. There is a good body of research on the subject that shows women bear the heaviest financial burden when a couple divorces.