When I look at divorce settlement proposals for clients as part of my Strategy Sessions, there’s one thing I consider above everything else. I’d encourage you to do the same. In evaluating your divorce settlement, think of this first and foremost: Are you able to uphold this agreement?
Oftentimes, people want the maximum child and/or spousal support possible — and I get that. However, if someone is making a promise they can’t uphold yet they’re signing a legal, binding document saying they will, it could land everyone in hot water (or, at the very least, lead to unnecessary drama and possible post-decree issues).
It’s important for you and the other person signing the divorce agreement not to make promises you can’t keep. Consider these three things when evaluating your divorce settlement to ensure you're not forgetting the cardinal rule of “don’t make promises you can’t keep.”
Like I wrote in Refinance...
Transitioning to a new budget following your divorce can be a real challenge, and the countdown is on! It’s quickly approaching that time of year where we live simultaneously in cheer and stress. What one big thing you can do to reduce that stress? Save money! Budgeting is essential all year, but it’s especially crucial during the holidays. Try these money-saving tips for surviving the holidays on a budget!
Related post: 5 Tips to Improve Your Post-Divorce Budget
None of us wants to be a Scrooge, but does everyone you know really need a holiday gift? Sit down and make a list of the people you plan to buy gifts for and the ones you can send a nice holiday card to. Now recheck the list. Is there anyone you remove without feeling like Jack Frost? Now go through your final list and assign a realistic...
When going through a divorce, you are going to experience a lot of changes and many of those will have a financial impact. You will need to set up a new budget for your future.
If you’re on your own for the first time in a long time, you may not have given thought to how much rent will be or how much it truly costs to pay for health insurance or auto insurance and home or renter’s insurance. Everyday items that you never paid attention to – that cup of coffee at the drive-thru or lunches out with co-workers can add up and lead to a cash shortfall.
You need to budget for financial success after your divorce. Being suddenly single is a shock to your emotional and physical self. If you take steps to regain control of certain aspects of your life – your budget, for example – the transition will be easier and you will feel more in control.