By the time you decide to file for divorce, you may be ready to end your marriage and move on with your life immediately. However, when you are thinking about divorce, there are several financial elements to consider. Timing your divorce in a way that is favorable to your finances can save you tens of thousands of dollars.
In Clark County, there are several financial considerations that can influence the timing of your divorce. It may not be possible for you to make sure every factor is in your favor, but focusing on one or two things can help considerably.
One of the first things to think about is the amount of credit card debt you have. During divorce, most debts and assets are divided equitably between the two spouses. It may be easier to work together before the divorce to minimize your debt, instead of trying to pay it off once you're separated and have new expenses and less income.
The next financial consideration is the housing market. Unless you or your spouse will be living in your house after the divorce, you will likely need to put it on the market. Waiting until there is a seller's market can help ensure you are able to get as much money as possible from the sale of your home. Putting the house on the market when it is likely to sell quickly can help avoid the unnecessary and duplicative costs that come from having an empty house on the market for months.
Finally, waiting to file for divorce until you have a good credit score can also be advantageous. If you need to buy a new home or car, a good credit can help ensure you are able to get a loan. More importantly, it will also help ensure you qualify for a good interest rate.
Source: MSN Money, "The 5 best times to get divorced," Stacy Johnson, Sept. 27, 2011