Divorce is tough no matter your circumstances, but the process is even tougher if you are fighting over or struggling with finances. There are several important financial decisions you will need to make once you decide to end your marriage, and protecting yourself financially should be one of your most important priorities.
What Can You Do to Create Smoother Financial Sailing During Your Divorce?
- Accept that your standard of living is bound to change, but budgeting can make the transition easier. This is especially true during the divorce. If you can, set aside some money to pay for unexpected costs during this time. Then, focus on creating a manageable budget for the short-term and long-term.
- Do not assume your living situation will remain the same, even if you are awarded custody of your children. Usually the parent that receives custody gets to live in the family home, but this is not a hard and fast rule. It is also important to consider whether you can even afford to live in this home before you focus on fighting to stay in it.
- Close your joint bank accounts, including credit card accounts, with your soon-to-be-former spouse before your divorce is final. This makes it easier to protect your assets in the long run
- Consider your finances as a whole. In addition to the house and joint accounts, you also need to take taxes, investments, and expenses into account. The goal should be to take a comprehensive approach to the financial aspects of your marriage and divorce, instead of deciding things piecemeal.
- Do not assume equitable distribution is perfectly equal or fair division of property. Rarely is everything in a marriage divided in a way that is deemed fair by both spouses. Make sure you have a Plan B to help with any decisions that fail to go your way.
- Finally, make sure you have the support and guidance of experts that understand the law and your situation. Your divorce attorney can help you a great deal through the process of ending your marriage, but he or she is not an expert in financial matters. This is especially true when it comes to legal issues regarding debt, savings, bankruptcy, and other financial issues that are a concern during a divorce. It is important to seek the assistance of separate attorney who specializes in financial issues.
If you are in the midst of a divorce and concerned about financial issues, or you have questions about how your divorce might affect your financial situation, we can help. And of course, if you are struggling financially and you want to be sure your divorce does not worsen the situation, we are on your side. Give us a call at the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation.