There are over 780,000 divorces in the United States annually. Dissolving a marriage can be one of the hardest things you do in your lifetime. Rather than letting the emotion of this experience cause you long-term problems, you need to devise a plan. Having a detailed plan of action regarding how you are going to handle your divorce is crucial.
Getting this game plan in place will require the help of a legal professional. These professionals will usually start by offering you advice regarding how to get your finances ready for a divorce. Here are a few things you want to consider when attempting to get your personal finances ready for an impending divorce.
1) Opening Individual Bank Accounts is a Wise Move
The longer a couple has been together, the more entangled their finances will ultimately become. When faced with the possibility of divorce, your first order of business should be dissolving any joint accounts. Leaving joint bank accounts open can result in a lot of problems in the future. Your spouse will be able to use this joint bank account as leverage, which is why dissolving it is imperative.
Opening up new bank accounts that only feature your name is a wise move. You also need to work on getting rid of any joint credit card accounts to ensure your spouse doesn’t run up the bill and leave you with the tab. Your lawyer will be able to offer you advice on how to handle these sensitive financial matters the right way.
2) Start Gathering and Organizing Financial Records
Going in for consultations with divorce attorneys in your area is a great way to gather important information about how this process will unfold. One of the first things a lawyer will advise you to do when going through a divorce is to gather all of your financial records. Documents involving your bank account, property holdings, and any payroll stubs you can find can be helpful.
With this documentation, you will be able to show the courts what you and your spouse share. Ignoring the need for this documentation can result in you getting a raw deal when the property division process takes place. Providing the courts with this documentation allows you to have a fair hearing.
3) Cut Your Expenses
Going from living in a two-income household to a one-income household can be difficult. In most cases, you will have to drastically cut your monthly spending until you get in the groove of paying everything on your own. If you are unsure about how to make a detailed budget, you may want to schedule an appointment with an accountant. Having a detailed budget in place will make this transition much easier. Failing to make these financial changes can result in serious problems and possibly even bankruptcy.
Schedule a Consultation Now!
Instead of trying to go through a divorce alone, you need to seek out the help of an attorney. Contact Arcstone Law for more information on how we can help you.