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Protecting Finances In A Divorce

Divorce can bring the stress of physical, emotional, and financial changes. It can also make planning ahead for anything a difficult process. However, a little bit of preparation can make a huge difference in the divorce proceedings and significantly affect how you handle the aftermath of the divorce.

How to Prepare for Divorce Proceedings

When a divorce is imminent, it is important to take a moment and ensure that you will not be cheated out of finances or assets you and your spouse acquired during marriage.

Some tips to follow when you first suspect a divorce is coming:

  • Prepare a reasonable budget for the coming months
  • Compile financial records for your attorney, including bank statements and tax returns
  • Ensure all financial matters are up to date
  • Leave joint bank accounts and assets completely untouched
  • Check bank safety deposit boxes
  • Avoid large, unnecessary purchases
  • Consult your attorney before signing documents or agreeing to asset distribution

Knowing what you own, where it is, and the value of all assets can save you financial and legal hassles during the divorce. When you know where you stand financially before a divorce, it can lift a burden from your shoulders.

Post-Divorce Financial Tips

After a divorce, it is equally important to know your financial situation and how you should manage your money. Your new financial situation is likely very different than your previous one.

Some ways to keep financially afloat are:

  • Know your income and expenses and budget accordingly
  • Ensure all assets obtained in divorce can be financially maintained
  • Pay off debt on any assets you kept in the divorce
  • Understand your employment benefits and how your family is affected
  • Use spousal and child support wisely
  • Consult with a financial advisor to ensure your financial plan is sustainable

A good family law attorney will work with you to ensure that a divorce does not lead to your financial ruin. The Law Office of Michael R. Young can provide you with exceptional care and support during these stressful times. Call our office today!