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Divorce can have profound short- and long-term financial implications for the divorcing couple and their family. After a divorce, financial adjustments may need to be made, especially when the level of household income is reduced.
Analysing your present financial situation is a good start to assess your overall financial status.
Here are some of the key financial issues for divorcing couples and their families to consider:
When a marriage ends, housing can be one of the most challenging transitions to work through. A divorcing couple may decide to live separately or they may even continue to live in the same home to save costs. A key consideration is to ensure stable accommodation for the divorcing couple and their children (and other dependents, if any) so that routine activities can continue, especially for the children.
These are some of the possible housing options to consider:
For more guidance on the housing options for HDB-dwellers, please contact any of the HDB branch offices.
2. Income for Basic Needs
You should consider if your income, independent of your ex-spouse, would be sufficient to meet the basic monthly expenses for you and your children.
These expenses could include
3. Short and Long-term Financial Planning
In addition to your basic financial needs, you should consider what you would need for a more secure financial future for you and your children.
This may include the following:
4. Seeking Employment and Career Growth
This is particularly important for those who may not be working currently and who may need to seek employment after divorce.
For more information please see Support Services.