Unofficially, January is known as the divorce month. More people file divorce petitions in January than at any other time. Some are waiting for the holidays to pass, while others want to start a new life in a new year.
Those planning to divorce in 2023 can face many financial pitfalls and complications while waiting for their target date. The following tips may help you avoid complicating your circumstances while setting you up for a successful divorce.
Inventory your assets and debts
Make a detailed list of your debts and assets before beginning your holiday preparations to avoid overspending. Knowing what you have and what you owe helps guide your seasonal and regular expenditures. Try calculating your projected income for the next few months for even more financial awareness.
Create a holiday budget
Do your best to account for as many upcoming expenses as possible while making your budget. Examples include gift purchases, holiday food, and even wrapping paper and seasonal accessories. Stick to your budget even if it means sacrifice, like opting for store brand products instead of big names.
Choose how to divorce
The days when you essentially had only one choice – a litigated courtroom divorce – are gone. You can still seek a traditional divorce, but now you have other options like collaborative law and mediation. Most people find that alternative divorce methods like these are less stressful and more cost-effective.
Know the law
The laws that come into play when ending a marriage vary from state to state. Learn as much as possible about Kentucky divorce laws, especially those that govern child-related matters and the division of marital property (and debts).