When going through a divorce, finances can cause a lot of stress. Divorce itself can be expensive, and then you’re left to live on one income. In some cases, one party must also pay child support to the other. These are just a few of the unexpected impacts that divorce can have on your finances.
It’s essential to manage your personal finances, so you are capable of taking care of yourself in the aftermath.
First and foremost, ensure that you have documentation of your shared assets. This will make it much easier to divide the assets fairly between the two of you. If your spouse makes a large purchase from your shared account in the middle of the divorce process, documentation will prove that the timing of the purchase was after separation.
Seek Advice from an Attorney
An attorney is a critical resource in the divorce process. Regardless of the grounds for divorce and the current relationship between spouses, an attorney can help the process go smoothly. An experienced divorce lawyer is familiar with the financial disputes that can occur during the divorce process and can help you get through these issues, or even help avoid them entirely.
Corroborate Your Credit
The end of divorce will likely result in your financial independence, so it is crucial to safeguard your credit. The first order of business should be to close joint accounts, but it is still necessary to possess your own accounts or some form of credit line to maintain your credit score. If a couple can reach this agreement, your spouse can sign off on an existing account, leaving it in your name after the divorce is finalized.
These are just a few of the financial hurdles one may face during the divorce process. To know and understand your full legal rights, consult your financial advisor or a Certified Divorce Financial Analyst to determine your best course of action. If you are looking for more guidance, register now for our next monthly workshop.