If the end of your marriage is in the not-too-distant future, you may be looking for ways to build a solid financial future. Still, you have probably heard about the recent uptick in inflation. According to reporting from CNBC, the costs of goods and services are currently rising faster than they have in roughly four decades.
Skyrocketing inflation is likely to affect many aspects of your life, including your upcoming divorce. Consequently, when preparing to end your marriage, you may want to take steps to insulate yourself from its negative effects.
The value of your assets
During your divorce, you and your spouse must divide marital assets. Unfortunately, inflation may complicate this process.
Before starting settlement negotiations, it is advisable both to inventory and appraise your marital estate. Because the cost of goods is changing frequently, you may need to value your marital wealth more than once.
Your post-divorce life
If your post-divorce life requires you to find a new place to live, you may be in for some sticker shock. That is, rising inflation often causes increases in rent prices.
If you prefer to purchase a new house, you also can expect to pay more for your home. Likewise, you may have difficulty adjusting to a single income. Because goods and services are costlier than ever, it may be advisable to work up a budget before finalizing your divorce.
Ultimately, if you are going to struggle to make ends meet, you may want to pursue a larger financial settlement or even seek spousal support from your soon-to-be ex-husband or -wife.
