How to Manage Your Money During Divorce
When you are going through the process of divorce, it is important that you know how to handle your finances in order to avoid losing money at the end of the proceedings.
There will be a lot of changes in your life once you have decided to get a divorce against the other spouse. Whether you like it or not, there is a need to accept all these changes especially if they can turn your world upside down. One of the aspects in your life that may change includes your finances.
Know Where Your Money Goes
Upon the dissolution of the marriage, the court will issue an order for the manner of dividing or partitioning all the assets that were acquired by the couple during the subsistence of the marriage. For example, a family business may be divided equally via a court order or based on the agreement between the parties. When this happens, there will be a decrease in your flow of income that may lead to having lesser savings in the future. At the same time, there is also a possibility for splitting the expenses pertaining to the child support between you and the other party. Once you are aware where your money goes, you are more likely to employ means to keep them or gain more of them.
Learn How to Budget
This is the most important skill that you need to be good at during divorce. Create a budget for all the necessary expenses for the next few weeks. Allocate a particular amount of money for each expenditure. Learn how to cut off your expenses especially for those items that you can easily forego or live without. For example, you may start avoiding having expensive dinner dates with friends and loved ones. Instead, use the money for better things to ensure that you will have more assets than liabilities.
Be Open With Your Lawyer
Not everyone knows this but it is actually necessary for you to inform your lawyer about the situation of your current finances. He has to know important matters concerning your finances. There is also a need to discuss all your obligations with your lawyer. Do not worry because all communications with your family attorney is highly privileged under the Rules of Court. Nothing you say to them may be used against you in court. Moreover, the said lawyer cannot divulge information given to him in confidence without your consent.
References: Manage Your Finances Through Divorce
Property Division Articles & Frequent Questions
Three Simple Steps
Find out how simple the divorce process can be when you work with a law firm that puts you first. Book your consult today!
3. MOVE FORWARD