You understand that divorce brings certain financial implications that could affect your life in multiple ways. Washington property division laws require you and your spouse to equitably divide everything that is not separate property, which could include your retirement accounts, jointly owned real estate and more. The two parties will also divide all debt accumulated over the course of the marriage.
Losing a portion of your property and potentially leaving the marriage with debt could put you in a new financial position. You may not be able to afford the same lifestyle that you enjoyed before your divorce, but there are ways you can prepare yourself for what is ahead and avoid unnecessary complications. You will find it beneficial to know what to expect from your post-divorce financial future.
The potentially high cost of divorce
One of the most important factors for you during divorce is how this decision will impact your financial future. Every choice you make and agreement you accept should be with your long-term interests in mind. In order to know what you will be able to afford and how your divorce will affect you, start by calculating what you earn, your individual expenses and your current lifestyle. Determine what budget you will need after your divorce in order to afford housing, food and other basic needs.
After considering your budget, you will then benefit from a careful look at all of your marital property. Anything bought, collected, accumulated, received or earned during the course of the marriage is likely subject to division. However, separate property, which may include things like an inheritance left solely to you or property you owned before you married, is not subject to division. You will want to locate and have an appropriate value for all marital property in order to reach a fair financial settlement.
Choosing the best for your future
The choices you make during your divorce will affect you for the rest of your life. While your emotions are valid during this difficult process, they are likely not indicative of what will truly be best for your future. In order to make the best possible decisions that will provide you with some continuity of lifestyle and stability in the future, keep your long-term financial interests as the priority in every divorce-related decision you make.