The world of your finances after your divorce may seem hidden. You may think that there are too many unknowns to deal with and that you will just have to wait until your divorce is final before you can get your arms around the actual numbers.
But as tedious and difficult as it is, you need to work through the research and complete the work. Your settlement may be inaccurate if you do not know what your home is really worth or what share of your spouse’s retirement accounts or pensions may be yours.
If you have to sell your current home because it is too expensive for either of you to pay off the mortgage and buy out the other party’s share, do you know how much an apartment will cost where you want to live and if they are available?
Will you have to drive a longer distance and put more wear and tear on your vehicle? If you child attends a private school, will you be able to afford that cost combined with all the other expenses you will now have to fund out of your income? Will child support defray any of those costs?
If you will need to return to school or receive additional training, do you know what those courses may cost, how often they are taught, and how long it will take to complete?
This can all seem academic and hypothetical, but if it is unlikely that you will receive support or it will only be for a limited time, you need to have a real plan to ensure that you will have a viable source of income.
Cont.
