Going through a divorce can be hard. The impact can be felt emotionally and financially. According to Forbes, a typical American marriage may last about eight years. During that time, you and your spouse may have several joint assets. Your local family lawyer has guidance on how you can minimize the financial impact of your divorce.

Consider Mediation

One of the toughest parts of a divorce is the final judgment. However, instead of dealing with litigation in a court trial, you and your soon-to-be ex can make things easier with mediation. Mediation is a shorter and cheaper process. It allows both parties to calmly come to terms on a fair settlement. As a result, a family lawyer can help you fairly divide assets and walk away to start your new life. Whereas with litigation, things will get dragged out longer and eat away at your existing assets.

Start Budgeting

Create an itemized list of things you need to buy weekly or monthly. Separate the possessions you need from the more frivolous things you want. For example, if you have three different streaming services, maybe you should cut two of them and only have one for entertainment. You may need to reduce your eating out in favor of cooking more.

Downsize Housing

Depending on the settlement, you may or may not be able to remain in your home. Even if you keep the house in the divorce, be mindful if you can still afford payments. If the mortgage is too difficult to handle, you may want to consider downsizing. Even if you don’t want to live in an apartment, you can always buy a smaller, cheaper house. If you have no interest in downsizing your existing house, you could bring money in by renting out space. Do you have an extra bedroom or a basement you don’t fully utilize? It could be a source of income to offset divorce costs or the loss of spousal income.

As your local family lawyer will tell you, divorce can be stressful for everyone involved. While you’re worried about the emotional impact of losing a partner and how it affects the children, finances will also be at the top of your mind. However, with some planning, you’ll be able to adjust to your new financial situation. If you need assistance in your divorce proceedings, contact our family law firm at Flynn Law today.