United States

How to get the most out of your divorce settlement

Image Credits: UnsplashImage Credits: Unsplash
  • Engage with lawyers, forensic accountants, and personal accountants early in the process.
  • Thoroughly document your needs and set a realistic post-divorce budget.
  • Avoid rushing the process to ensure a fair and equitable settlement.

Divorce is a challenging process, both emotionally and financially. However, with careful planning and strategic actions, you can ensure that you receive a fair and equitable settlement. Here are some essential tips and strategies to help you make the most of your divorce settlement.

1. Consult a Lawyer Early

One of the first steps you should take when considering a divorce is to consult with a lawyer. This can provide you with crucial advice and prevent your spouse from hiding or disposing of assets. As noted by Greater Orlando Family Law, "Consulting with an attorney first can give you some action steps to take prior to moving forward".

2. Hire a Forensic Accountant

In high-asset divorces, the likelihood of hidden or forgotten assets is high. A forensic accountant can help uncover these assets and ensure they are included in the settlement. This step is crucial for a transparent and fair division of assets.

3. Work with a Personal Accountant

While a forensic accountant tracks down assets, a personal accountant helps you understand your financial needs post-divorce. This includes determining monthly expenses and maintaining your standard of living. This information is vital for alimony calculations and ensuring you are financially secure.

4. Document Your Needs

If you have specific needs, such as medical conditions that incur additional expenses, document them thoroughly. Providing evidence of these needs can influence both asset division and spousal support payments.

5. Negotiate Carefully

Divorce negotiations can be emotionally charged. It's essential to let your lawyer lead these discussions to keep emotions in check and reach a resolution efficiently. Methods like mediation or collaborative divorce can help keep court costs down and preserve marital assets.

6. Establish Separate Accounts

Once your divorce is final, establish separate financial accounts. This step is crucial for financial independence and clarity. It also helps in managing your post-divorce budget effectively .

7. Determine Post-Divorce Income

Understanding your income sources post-divorce is vital. Whether it's alimony, child support, or a new job, knowing your income helps in setting a realistic budget and financial plan.

8. Set a New Household Budget

Creating a new household budget is essential to avoid incurring additional debt. List all expenses and compare them with your post-divorce income to ensure financial stability.

9. Avoid Rushing the Process

Rushing through a divorce can lead to an unfair division of assets. Take the time to locate and properly value all assets and liabilities with professional help. This ensures a fair settlement and prevents future regrets.

10. Be Patient

Patience is key in securing a favorable divorce settlement. Rushing can lead to overlooked information and a less favorable outcome. Being patient signals that you are willing to wait for a fair settlement.

Heather Locus emphasizes the importance of understanding your financial situation and planning accordingly. "Divorce is a complex affair, both emotionally and financially. While it's true that no two divorces are exactly alike, there are some things you can do to smooth the financial road before you".

By following these strategies, you can navigate the complexities of divorce and secure a settlement that supports your financial future. Remember, the goal is to emerge from the process with a fair share of assets and a clear financial plan for the future. 


Read More

Financial Planning United States
Image Credits: Unsplash
Financial PlanningJuly 11, 2025 at 5:00:00 PM

How to raise a financially independent teen

It’s always been a challenge to grow up and become financially independent—but today’s teens are navigating a more complex, more expensive world than...

Credit United States
Image Credits: Unsplash
CreditJuly 11, 2025 at 5:00:00 PM

The hidden link between airline rewards and credit card fees

If you've ever booked a “free” flight using your airline miles, you’ve quietly benefited from one of the most misunderstood financial systems in...

Relationships United States
Image Credits: Unsplash
RelationshipsJuly 11, 2025 at 4:30:00 PM

Why your baby might cry so much?

The 3 a.m. hallway sway. The creak of floorboards you’ve memorized. A worn-in chair that rocks half-asleep. The night feed isn’t just a...

Investing United States
Image Credits: Unsplash
InvestingJuly 11, 2025 at 4:30:00 PM

What you need to know about the cryptocurrency regulations in Singapore

If you think Singapore is some crypto Wild West where you can stake, trade, and launch your own coin without anyone batting an...

Leadership United States
Image Credits: Unsplash
LeadershipJuly 11, 2025 at 4:30:00 PM

Why teams overwork—and how leaders can fix it

The people aren’t broken. The system is. That’s the clearest takeaway from new organizational research studying overwork among high-performing teams. It’s not that...

Careers United States
Image Credits: Unsplash
CareersJuly 11, 2025 at 4:30:00 PM

How to build a career that survives constant change

We don’t talk enough about how exhausting it is to keep reinventing yourself. In theory, “adaptability” is a badge of honor. In real...

Tax United States
Image Credits: Unsplash
TaxJuly 11, 2025 at 3:30:00 PM

What the Federal EV tax credit ending means for your finances

If you’ve been waiting for the right time to buy or lease an electric vehicle (EV), that time may be now—whether or not...

Economy United States
Image Credits: Unsplash
EconomyJuly 11, 2025 at 2:30:00 PM

Does China’s economic growth mask deeper fiscal gaps?

On paper, China’s economy is on track. Analysts are bracing for a second-quarter GDP print near the government’s 5% full-year target—a number that,...

Politics United States
Image Credits: Unsplash
PoliticsJuly 11, 2025 at 2:00:00 PM

Trump’s 2025 trade agenda targets China—but not the way you think

In the Trump administration’s latest maneuver to reshape federal institutions, the US State Department has moved ahead with a formal reduction in force...

Economy United States
Image Credits: Unsplash
EconomyJuly 11, 2025 at 2:00:00 PM

Singapore business adaptation grant 2025 to help firms navigate tariff pressures

As global trade routes realign under fresh tariff regimes, Singapore is not waiting to be caught off guard. In July 2025, the Singapore...

Economy United States
Image Credits: Unsplash
EconomyJuly 11, 2025 at 1:00:00 PM

How Trump’s trade tactics are reshaping the global supply stack

If you’re reading Trump’s trade moves like it’s 2018 again—tit-for-tat tariffs, trade war optics—you’re behind. This time, it’s not about hammering China. It’s...

Economy United States
Image Credits: Unsplash
EconomyJuly 11, 2025 at 10:30:00 AM

Markets rise as investor optimism builds around trade talks and earnings

While stocks climbed this week on upbeat signals around trade negotiations and anticipated earnings results, the real narrative lies beneath the numbers: a...

Load More