Going through
a divorce causes substantial issues in your life, without a doubt. They can be
very expensive, and they have a tendency to devastate the finances of at least
one of the divorcing parties. When you are going through a divorce, you need to
be very careful about what happens with your finances if you want to have a
good future. Keep these tips in mind and it can help to ensure that you keep
your finances in the best possible condition.
What Are Your
Current Finances?
When you
decide to divorce, you really need to make sure that you understand where you
are currently with your finances, even before the separation. If you have a
large number of joint expenses, make sure you are paying from joint accounts
and not just your own accounts. Thus, if you need to pay for a repair on the
house or for something for the kids, pay from a joint account.
Open up at
least one or two credit cards in your own name. This helps to establish your
own credit. At the same time, cancel or remove your name from the joint credit
card accounts. If your name is on the account and your ex spouse does not pay
for his or her purchases, you could still be liable for them. Split the
accounts as quickly as you can.
Try to stay
in your home if you can. Even though it is not always a factor in who gets the
house, if you stay in the home, the judge may feel that you have more of an
interest in the property and may be more willing to give you the house in the
settlement. When you leave, it can be difficult to get the house. In fact, it
can even be difficult to get your personal belongings and even custody of your
children.
If you do
stay in the home, it’s a good idea to consider calling the utility companies as
soon as you can to get the utilities in your name only rather than jointly with
your soon to be former spouse.
Save Money
In addition
to having your own credit cards, you should have a bank account that is only in
your name. You will be able to use the account to save money. Of course, you
need to disclose to the courts that you have your bank account. It’s a good way
to put away some money for those expenses that crop up during the divorce.
Putting away just a bit of money each month can help to make the transition a
bit easier on you from a financial perspective.
Keep
Financial Documents
You need to
have the originals, or copies of, all of your financial documents. This
includes things such as your deed, insurance policies, banking information, tax
returns, and other important documents. If you feel that it might be important, it probably is, so
save it just in case you need it.
Talk to an
Attorney
You can’t do
this all on your own. There are so many things that you have to consider and
things that you need to know when you are going through a divorce that you
simply can’t do it without an experienced Fresno divorce attorney on your side. Get a consultation with a good attorney and
learn the best ways to proceed with your case as well as how to protect your
finances. Consider talking with someone about mediation services. It can be
less expensive than litigation and is a way that you and your spouse can work
together to come to agreeable terms without trying to destroy one another.
What About
Child and Spousal Support?
States will
generally have guidelines for child support that are mandatory and enforceable
regardless of what one of the parents might want. The guidelines usually have a
basis in income as well as custody arrangements. Spousal support is different
though. Those who waive the right for the support will not be able to ask for
it later. Once waived, it is gone for good. Thus, it is something you will
really want to consider before deciding you do not need it.
Division of
Property
Dividing your
property can cause some issues in many divorces as well. However, everything
proceeds far more smoothly when you are able to come to amicable agreements
when it comes to separating your property.
Think about
how certain things might affect your finances negatively in the future as well.
For example, even though you might want the house, can you afford the mortgage
on your own, as well as the insurance and all of the other expenses associated
with the home? Consider what will happen with your retirement accounts.
Sometimes the courts will want to divide them between the working spouse and
the at home spouse if one does not work. Having a good family law attorney in Fresno, CA to help with this matter is
vital. Make sure you think about some of the little things as well, such as
your frequent flyer miles and even memberships that you
have.
