Principal Pointers to Financially Prepare for a Divorce

by 48 Minutes | Monday, Mar 5, 2018 | 50 views

Couple discussing with divorce lawyerThe option of divorce is something that many couples consider when a marriage is on the rocks, but if you’re determined to pursue a divorce, especially if you are a victim of domestic violence in Colorado Springs, a lawyer can help you do so. But you do have to consider preparing your finances for it too. Here are some things you should do when you want a divorce.

Take Stock

List down every asset, savings account, investment and an inventory of everything you own, whether it’s personal or conjugal. Take note of all your present credit, mortgage, payables and other shared loans that you are both responsible for.

Change Status

Be ready to change your insurance policies, employment benefits, government grants, etc. If you intend to keep your children, discuss with your lawyer about child support and other single parent benefits that you can maximize. Most importantly, open up a personal bank account and save.

Reduce Expenditures

Take note of all cash outflow and cut costs where it’s necessary. Whatever amount you can save should go directly to your personal savings account. Remember, going through court proceedings can be expensive and so is starting a new life.

Read:  Different Types of Lawyers and Their Roles

Collect Documents

Some divorce cases go on and on because one spouse isn’t willing to let go of certain required financial papers or records. Start storing all necessary documents even before you send off those divorce papers. Try your best to get hold of the originals and keep them safely and secretly stowed away.

Avoid Credit

This is especially true for shared credit cards and more so if it’s your spouse who owns it. Though your spending habits may not be of much importance to your divorce proceedings, the financial mess it can create when alimony and support piles up can be a nightmare, Save yourself the grief and stick to cash payments.

Some couples play it nice during a divorce, but there are those who can make it more difficult than it needs to be. Just to be sure, you need to prepare for any circumstances.

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