Divorce is never easy. However, if you don't plan properly, divorce can be more difficult than it needs to be. If you've decided to file for divorce, don't start the process until you're prepared for the entire process – including financially. Here are four steps you'll need to take to help you avoid problems.
Start Building Your Own Credit
If all your credit is tied up with your spouse, you'll want to start building your own credit history as soon as possible. This is particularly important if you're going to be moving out of the family home, or you'll need to purchase another vehicle after you separate. Before you file for divorce, apply for your own credit card. Make small purchases each month and pay your bill on time to build up your credit score quickly. This will allow you to have a credit history of your own when you start out on our own.
Make Copies of Your Financial Documents
During the divorce, you and your spouse will need to work out a marital separation agreement. That agreement will become the basis for your divorce settlement. To make sure the settlement is fair – the assets and debts are divided evenly – you'll need to know what your assets and debts are. While you're preparing for your divorce, make copies of all your financial documents, including bank accounts, retirement accounts, life insurance policies, and investment accounts. Store these documents in a safe place so that you can give them to your attorney when the time comes.
Open an Individual Savings Account
If you and your spouse share a joint bank account, now's the time to open an individual savings account. Your savings account will allow you to save money for expenses associated with your divorce, including legal fees, and any deposits you'll need for new housing. It's also a good idea to withdraw half the assets from your joint account. Don't withdraw any more than that, or you could get yourself in trouble. When you withdraw money from the account, ask for a copy of the account balance. This will help you document that you only withdrew the amount you were entitled to.
Talk to an Attorney
Once you've decided to file for divorce, you'll need to talk to an attorney as soon as possible. There are a number of issues they'll be able to help you with.
You might think you can handle a divorce without legal representation, but that might not be in your best interest – especially if your spouse hires an attorney.
If you have minor children, you'll need an attorney to help you work out custody and visitation arrangements, as well as child support payments.
As soon as you file for divorce, you'll need to change your will and any medical directives you might have. This is particularly important if your divorce is not going to be amicable. Should something happen to you before your divorce is final, you'll want to make sure that someone you trust is in charge of your estate, and your medical decisions.
For more help, talk with an attorney such as Moore Robert G Attorney at Law.Share
17 May 2017
I was blessed to have grown up in a home with loving supportive parents. They both worked extremely hard in order for me and my sister to enjoy a better life than they had. Financially, they bought me a new car when I was sixteen. They also paid for my college expenses. Many parents do the same for their kids. They want to provide for them in the present while safeguarding their futures. One way parents can invest in their kids’ futures is by placing money in trusts that their children can utilize when they reach a certain age. A reputable attorney can establish beneficial trusts for your kids. On this blog, you will learn about the benefits of consulting with an attorney about setting up trusts for your children.