Financially Preparing for the Divorce Process
Most couples recognize that divorce is an emotional event, but some underestimate the financial implications. Do not let this happen to you. Instead, recognize the financial risks of divorce and learn how to mitigate against them with help from the following information.
Remember That Every Case is Unique
Friends, family, and coworkers are often liberal with divorce advice, and one can find scores of information online and in books. Though the advice may be well-intentioned, it may not be accurate. Divorce varies, not just state by state, but also case by case. It is not necessarily the case that your divorce be similar to your colleague’s or neighbor’s divorce. In addition, any information that you find online and in books may not fit your situation or be in accordance with your state’s laws. Be aware of this, and always take unsolicited advice with a grain of salt. If you need real help, talk to your attorney instead.
Monitor Your Assets and Expenses
At the end of the divorce, you and your spouse will be responsible for your own income, debts, and expenses. If you did not have to manage household expenses before, taking control of your finances might seem like an impossible task, but an attorney and financial adviser can help. If you have managed your own finances before, then it is critical that you start tracking your own income and expenses separately from your spouse’s. It is also advised that you attempt to anticipate new expenses that may come along after the divorce (i.e. rent, utilities, etc.).
Gather Documentation of Your Debts and Assets
Divorce, at its core, is an untangling of debts and assets. It is taking what has been joined through marriage and separating it so that both parties hopefully walk away with their fair share. To do this, parties need accurate documentation on any debts and assets they own. This includes any assets that might be in just one spouse’s name. If you are not sure that an item would be classified as a marital debt or asset, ask your attorney for assistance.
Anticipate and Expect Contention
After spending years with your spouse, you may think you know him or her well enough to anticipate how he or she will behave during the divorce. However, this is not always the case. Even the most level-headed people can become irrational during divorce. Often, it is because they are afraid of losing something important to them: a marriage they expected to last a lifetime, their bond with a child, or a business they have spent years building.
Knowing this does not make your spouse’s behavior any more justified or easier to deal with, but it can help you prepare for and anticipate the possibility of contention. Have a plan, know what you are entitled to, where you stand, and where you can turn for assistance.
Contact Our Wheaton Divorce Lawyer
At Abear Law Offices, we protect the financial future of our clients. Dedicated and experienced, we strive for the most favorable outcome in every situation. Schedule a personalized consultation with our Wheaton divorce lawyer, and ask how we can assist with your case. Call our offices at 630-904-3033 today.
Source:
https://www.usatoday.com/story/money/personalfinance/2017/05/31/7-ways-ready-your-finances-divorce/102333168/