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3 tips for dealing with the financial fallout of divorce

Divorce can take its toll on the splitting spouses in many ways, but the most obvious way that divorce will affect your life is financially. Not only will you no longer have two incomes contributing to bills, finances, costs and other fiscal issues, but a divorce costs money too. There will be a lot of decisions you have to make during and after the divorce to maintain your financial life and stay balanced.

With that in mind, let's discuss three tips that can help divorcing people as they try to rebuild their life after such a major life event.

The first is to keep your priorities in line. What we mean by that is you shouldn't contest every little matter in your divorce. That just wastes time and makes for more costly litigation in the end. Focus on the issues that are important to you, and let the smaller debates and issues go. You'll save on legal costs and minimize the amount of time you spend debating the merits of those smaller issues.

The second tip is to pay down any joint debt that you and your ex-wife or ex-husband have. If your name is attached to the debt, that means you are legally liable -- even if it is joint debt. So get rid of it as soon as possible to relieve any legal and divorce headaches down the line.

Third and finally, remember to be true to yourself. Don't plan on a lavish lifestyle after a divorce. Maintain a manageable financial life, and you will be much happier after your divorce -- and you'll reduce the chances of running into financial problems.

Source: NerdWallet, "3 Ways to Avoid Money Mistakes During Divorce," Shawn Leamon, July 13, 2016

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