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Can I financially survive a divorce?

| Sep 7, 2019 | Divorce & High Asset Divorce |

If you and your spouse have experienced significant marital challenges, you may be considering filing for divorce. Many Connecticut couples think about the potential of getting divorced for some time before they actually take steps to file for a divorce. If you are in this stage, you should use the time to ensure that you are fully educated about your marital finances and that you properly identify the cost of living for you as a single person. 

USA Today explains that learning about your current finances and future financial needs can help you prevent falling into extreme financial problems down the road. The first thing for you to do is to get a full picture of what it costs you and your spouse to live your current lifestyle today. Collect information on all expenses and on all debts you share. Make sure to include things like health care costs not covered by insurance, vehicle insurance and maintenance and extracurricular activities for your kids.

Next, you should look ahead at what the same things will cost you after a divorce. Car insurance rates, for example, may be increase for a single versus married driver. Be honest about your post-divorce income to assess what you can truly afford to determine if you should keep your house or consider moving.

This information is not intended to provide legal advice but is instead meant to give divorcing spouses in Connecticut some guidance as to how they may prevent serious financial challenges after getting a divorced by doing some pre-divorce work in assessing their financial situation and future needs.