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Re-Evaluating Your Finances When Divorce Is On The Horizon

Posted by Amy Hayes | Apr 28, 2024 | 0 Comments

When faced with potentially no longer having two incomes in one household due to divorce,
you may need to start re-evaluating your financial situation. Making major lifestyle changes can
be a daunting task especially if you're used to having the little luxuries of Saturday yoga
sessions with girlfriends and that regular Swedish massage and mani-pedi appointments at your
favorite spa. Always wise to take stock of your current condition when it comes to money
matters and make adjustments as necessary. Here are some crucial steps to ensure that you're
able to cope financially when ending your marriage.

Live Within Your Means
Ensure that you aren't trying to cling to property that you can no longer afford. Keeping an
expensive house or car that come with big monthly payments could end up draining you
financially. Consider downsizing to a smaller home to be able to maintain a place that you can
comfortably handle. Make a list of club memberships and subscriptions that you could cancel
and eventually live without. Plan vacations that are more within your budget and make a point
to maintain a way of living that you can sustain with a single income.

Plan to Refinance Debts in your Name Alone
During divorce proceedings, shared marital debts should be divided. If the court orders your
spouse to pay a joint debt and your spouse for some reason fails to follow-through,
unfortunately, creditors could still come after you if you are still listed as the co-borrower. To
avoid this obligation, make sure that the spouse who is given the responsibility for a particular
debt refinances it into their name alone. Refinancing debts can be a cumbersome undertaking
but well worth the time and effort to do.

Always Think Long-Term

Look at the big picture and evaluate what will arise in the future. It's important to think about
guaranteeing you get your fair share of any retirement accounts or pension money. Plan to set
aside your own savings for that as well. Make a point to address who will pay for kids' college
education even if that's several years down the road. Be proactive about considering long term
issues even though they don't seem as relevant right now. Developing a plan to better manage
your finances during divorce is one of the wisest things you can do to ensure financial security.
Hayes Legal Solutions, PLLC is here to assist in all your divorce needs. Schedule a strategy session with

Hayes Legal Solutions, PLLC or call 405-635-5578


About the Author

Amy Hayes

Hayes Legal Solutions, PLLC is owned by Amy Hayes, she is also known by some as Amy Hayes-Thompson. She has been licensed to practice law in Oklahoma since 2003. Amy started Hayes Legal Solutions to make legal services more accessible and affordable to Oklahomans. Family Law, LGBTQ Family Law, Real Estate Law, Oil &Gas Law, Small Business Contracts, and Renewable Energy Law are her primary practice areas.


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