A divorce can be devastating and negatively impact both spouses. Whether you are the husband or wife, it is likely that you will experience some...
A divorce can be devastating and negatively impact both spouses. Whether you are the husband or wife,
it is likely that you will experience some financial problems after a divorce. If your finances are not managed properly, the situation can be intensified and made even worse. It is significan to remember that a divorce can cause more than just emotional trauma, in some cases it can lead to financial devastation. Here are a few tips that will help you avoid some of the most common troubles and allow you to prosper after a divorce:
1. Before you file for divorce assure that it is really, truly your best option and that reconciliation and building a prosperous marriage is simply not an option. Consider not just the emotional issues but also the economic and financial conditions for your post-divorce life. Financial ruin can be the consequence if you do not cautiously consider your true situation post-divorce.
2. If you have endured abuse from your spouse such as verbal abuse, physical abuse, and mental abuse, you should document those specific incidence for possible use in your court case. These events can, in certain jurisdictions, make a fundamental difference in the result of your divorce case. If you have kids and are likely to get primary custody it is your right and obligation to seek and acquire child support to help handle the expenses of rearing children.
3. Understand the significance of objectively considering your post-divorce circumstances, especially your financial situation. Make a spreadsheet and realistically look at how much money you will require every month to deal with your expenses. This may require making some assumptions, like how much your housing and utility expenses will be in a new residence. Then equate these expenses to your average monthly income, along with any child support you expect to acquire, and compare your monthly income with your monthly expenses.
4. It is very normal for people to call for lifestyle alterations after a divorce in order to financially survive. One assistitive thing to do when preparing for a divorce is to begin saving cash in a savings account in which you are the only account holder (in other words, your partner cannot empty the account). These funds can be of great assistance during the divorce process if you find yourself short on cash. That is not to say you should "hide" the money, you should let your lawyerknow of its existence and never deny that you have it.
5. If feasible you want to trim credit card debt and other financial obligations prior to divorce. It is also essential to establish your own credit, if you don't have credit available to you already. As I mentioned above, you want to open your own savings accounts so you do not have to worry about your spouse and emptying out all of the accounts unexpectedly and leaving you without any available money.
6. A minute plan created before going after a divorce case is extremely helpful in addressing and avoiding any lengthy financial challenges. If your standard of living is going to go down after the divorce, you want to find this out as quickly in the process as possible so that you can plan and act accordingly. Talk to divorced friends who have been through the situation and can make suggestions as to how to best deal with the post-divorce finances.
7. Find out as much as you can about the assets that you and your partner have. If you are the spouse who has managed the finances during the partnership, great. If you're not, this will call for some additional study on your part. In order to get a fair property division in your divorce case you will have to be very knowledgable about what assets exist. This is an area where a qualified divorce lawyer can be of very helpful.
8. If you are awarded land in the property division, make sure that any necessary deed transfers are done in concordance with your divorce. It is not enough that your divorce ruling says that you're awarded the land, there must also be a deed, recorded with the proper authorities, which proves your sole ownership of that house.
