It doesn’t matter what the underlying cause of your divorce is, doesn’t matter if the divorce is going to be a good or bad thing for you, it doesn’t matter who was at fault, in any scenario where divorce is looming around the corner, one is certain to feel some measure of emotional and psychological turmoil.
The finality of divorce also carries with it certain financial implications that will have a life-long impact of the lives of both you and your ex. So, even if your nerves are wracked and you are one tic away from having a breakdown of epic proportions, it is imperative that you be aware and in control of the financial impact your divorce will have.
By following certain strategies that will allow you to manage the financial domino effect of getting a divorce, you can not only alleviate the emotional turmoil, but also rise up to the fiscal challenges posed by the termination of a marriage.
This article will attempt to outline some essential proactive measures that should be taken by any couple looking to divorce each other. You must remember that these steps are meant to be executed before actually filing for divorce so as to best safeguard your finances. These measures will help ensure that you are not short-changed or blind sighted during divorce proceedings, you are able to get your fair share of the assets, and are not burdened by any unanticipated debt.
It would be a good idea to visit https://divorcemistakesnetwork.com/ to read up on and avoid any mistakes in this process. Additionally, before informing your partner about your intention to divorce them, seriously contemplate and take the following three precautionary steps to secure your financial future.
Plan for foreseen and unforeseen expenses.
In addition to the fact that divorces can be expensive affairs on their own, you must keep in mind that court proceedings for divorces may take up to six months or even more. You should be aware that besides the legal fees you pay to your lawyers, you may also have to pay other financial advisors or even private investigators.
Additionally, until the divorce is finalized, you may have to rent a place to live and arrange for child care without any support from your spouse. To take care of such expenses, you should have enough money to cover living expenses for at least one year’s time in your own private account before you start divorce proceedings.
Collect Essential Information, Records, Facts and Figures
Before you file for divorce, it is imperative that you have a clear idea about the state of your finances as a couple and how you intend to split your marital assets. You should start this process by collecting and making copies of all official documents that pertain to any all assets, liabilities, incomes, and expenses held by you as a couple. These should include any bank or other financial statements, tax papers, property documents, and any pre-nuptial agreements that you may have had. Having all of these records handy will save a lot of time and money when you start the legal proceedings.
It will also give a fair idea to your counsel and make it easier to claim your rightful share in the marital assets. Keep in mind that no matter how friendly and fair your spouse has been, once divorce id thrown in the mix, things can get nasty at the drop of a hat, in which case this financial information may become hard to access.
You cannot rely on your spouse to provide the necessary documents and information. Start this process as soon as you possibly can because it may take several months to gather all the required information, and try to keep it on the down low so as to avoid tipping off your spouse where they might try to keep or conceal this information from you.
Cancel any Joint Credit Instruments
Last but not the least, if you and your spouse shared credit cards or other credit instruments jointly, cancel them. If your partner has been added as a user on any of your credit cards or joint accounts, ask the bank to remove them. This is essential since you may be held responsible for the payment of any debts they may incur on your account.
However, while the record collection should be done discretely and much before you start divorce proceedings, cancelling joint credit cards and severing joint credit ties must be done at the last possible minute as this will definitely alert your spouse about your intentions.
As you contemplate how best to safeguard your finances while going through a divorce, consider going through all the resources at https://divorcemistakesnetwork.com as they outline many protective measures you can take to protect yourself in all aspects and eventualities related to divorce. The comprehensive resources available on this website are a great place to learn about the wisest moves to make when you file for divorce.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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