Should You Downsize During a Divorce?

When you find yourself heading down the road of divorce, numerous decisions need to be made, and some of those decisions will directly impact your future after your divorce is finalized.

We understand that it feels like you are drinking from a firehose in the middle of a hurricane, and being overwhelmed is commonly seen.

When you choose the collaborative divorce process, you and your partner can access a team of experts committed to finding a peaceful resolution without going to court.

Several experts will be on the team – lawyers, mental health experts, divorce coaches and financially neutral professionals.

A financial neutral is key during a divorce. They create an even playing field and agree to transparency. They can help determine if you or your spouse must downsize your expenses and how to go about it effectively and fairly.

One of the first things we suggest to our clients is to create two budgets – one for the present times and another post-divorce, as your financial landscape will change.  This is one way a financial neutral will help.

Here are a few things that we suggest to our clients to help them when they are considering downsizing:

• Stay clear of making large downsizing choices unless it must occur
• Do not buy large ticket items until you have a firmer grasp of your financial landscape after your agreement has been finalized
• Write down all your daily expenses – take a look at what you need, not want – simple is better

Some of our clients find great emotional relief from decluttering not only their homes but also their emotions. They learn to say no more often – it’s freeing indeed!

The Collaborative Practice of San Diego is a nonprofit, multi-disciplinary referral network of independent professionals of attorneys, mental health professionals and financial advisors working together to learn, practice, and promote Collaborative processes for problem-solving and the peaceful resolution of family law issues to preserve the emotional state of the family.

Contact us today for a FREE consultation!

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation