#2 Divorce
It is not a
glorious thing when a couple gets a divorce.
If there are children involved it can be a pain to them just the
same. There are many things that go into
a divorce financially.
When you get
divorced there are things that can put you under very fast. Whoever gets the house has to worry about the
mortgage, repairs, bills, and property tax just to name a few. Whichever partner is not rewarded the
children has to worry about survival while paying child support. It also causes them money to spend time with
their children as the custodial parent will see them more and spend more time
with them doing things that will not cost as much.
One major
thing is that you both will have to split all the debt that you have
accumulated over the years. Credit
cards, car notes, and any loans you may have taken out. Factors that weigh heavily on the
pockets.
One way to
avoid this to make it easier on the both of you is to have a plan that you both
can agree on. This plan should include
each person’s financial situation. Face
it one most likely makes more than the other.
Just because you are divorcing does not mean you have to neglect your
former spouse’s needs financially. Think
of the hate that would cause between the two of you and the affects it would
have on the children. If both of you
are willing to make sacrifices and have a clean break from all financial ties
(with no debt) together this is very important for you to do.
Instead of
keeping the house you both may decide to sell it. This is the most common thing done in
divorces. This way the mortgage is not
an issue. If you can’t afford to keep
the car then you will need to sell it and buy a cheaper car. Your income is not the same as it was when
you were married so you can’t continue to live on the budget you may have come
accustomed too.
Set a budget
for yourself and remember to live within your means and not try to be glorious
or go on a spending spree because you are single and you need that new outfit
to go out on the town with your friends.
Once you realize how tough things are going to be on a single income the
better off you will be. Build your
savings and your emergency fund up and start to do the Baby Steps listed in the
“Total Money Makeover” by Dave Ramsey.
Dave Ramsey
Giveaway
Many of
these lessons are taught by Dave Ramsey in his best-selling book “The Total
Money Makeover”. These lessons in this
book will teach you how to be prepared.
Dave
Ramsey’s lesson: “Design a sure-fire plan for paying off all debt---meaning
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10 most dangerous money myths (these will kill you). Secure a big, fat nest egg for emergencies
and retirement!” These are just some of
the things you will learn in this book.
It has changed the lives of millions including myself.
About the
Author:
Hello. My name is Andre Hardy and I am part of a
“Home Business” that is an affiliate of Dave Ramsey and we preach being debt
free as well as provide you with an engine to make extra money without leaving
your primary job. We are offering this
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