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What are some good financial tips for divorced dads?

While divorce is rarely easy, it can be particularly rough on Indiana fathers. This is especially true when it comes to those financial issues common to divorce, which will only compound what is most likely an already unpleasant situation. There are steps you can take however to ensure the financial aspects of your divorce are capably addressed, which is essential to the healing process.

The offers a few useful financial tips for dads, including considering how your budget will change once the divorce is finalized. In addition to the fees commonly associated with divorce, you’ll also have to budget for a new place to live, basic everyday expenses and even items for your kids when they spend time at your new home. Establishing a stable lifestyle for your children is crucial in the time after a divorce, and this can be achieved by ensuring they have all the things they need when they are with you.

It’s also recommended that you are fully aware of the total cost of a divorce. In some cases, the cost for a divorce can exceed $100,000, while in others it may be as little $500. It really depends on your specific circumstances. A large number of assets, contentious custody battles and ownership stakes in a business can all serve to greatly increase the price of a divorce.

Divorced dads should also be wary of making any major financial decisions for an extended period after their divorce. Adjusting to your new life can take some time, and making rash decisions in terms of your finances will only spell disaster. Instead, hold off on major purchases or life changes for a period of six months to a year after a divorce. 

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Robert Schembs
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