Divorces are hard. Whether you are the husband or the wife, you will likely find yourself in economic hardship as a result of your divorce. If your finances are not handled correctly during your divorce, your financial situation could be ruined! Divorces cause more than just emotional distress. Sometimes it can lead to financial destruction. Here are some tips to help you avoid some of the common problems people face after a divorce.
1. Before you even file for divorce, be sure and I mean REALLY sure that divorce is the best option for your situation. Think about the emotional and economic impact the it will have on you, your spouse and your children. Plan for what your financial situation will be like AFTER the divorce. You may be unpleasantly surprised if you do not consider the end result before you actually find yourself there.
2. Create a spreadsheet and sensibly go over what your finances will look like after the divorce. Include how much money you will need to cover your expenses every month and how much income you will have coming in. If you need to make adjustments to your lifestyle such as cutting back on some luxuries, better to start now that realize post-divorce that you can no longer afford some of your current habits.
3. During your divorce start saving cash in a separate bank account where you are the only account owner. This means that your spouse would NOT be listed on this account and that he or she could not empty the bank account without you knowing. Unfortunately, sometimes a spouse will access a joint account and take all the money out of the account leaving the other spouse in a devastating predicament. It is important that you protect yourself be getting your own account and having your paycheck or any other income deposited there instead. This does not mean that you should hide the money in any way. Tell your lawyer that you have the bank account and be sure that it is disclosed during the divorce proceedings.
4. If you can, try to reduce any debt you have before even filing for divorce. It is also incredibly important to build up your own credit. You do not want to be in a position where you have no available funds and bad credit because of your divorce.
5. Gather all the information you can about any assets that you and your spouse own. Your lawyer cannot protect your rights to property that you don't even know about.
6. If you are awarded your home or any other real property pursuant to your divorce, make sure that the deeds are transferred to you and that this is completed right along with the divorce. It is not enough to have the final divorce decree say that the property is yours. You will need to have a deed, filed with the appropriate authority that proves you are the sole owner of that property.
There are numerous financial concerns to think about when you are getting a divorce. It is advisable to get an experienced attorney to represent your interests and protect your rights. Having a skillful attorney on your side can mean the difference between financial ruin and financial health after your divorce. The attorneys of Moss & Wilson can help guide you through the divorce process and aggressively protect your rights. Contact us at (877) 538-6294 for your FREE, no obligation consultation today.
