2 Things You Can Do To Be Better Financially Prepared For Your Divorce
Posted on: 24 January 2016Share
Going through a divorce can be incredibly stressful. Not only are you dealing with the emotional stress of a failed relationship, but you also have the stress of still caring for children, and going through the legal process of a divorce. This is why it is so important to make sure that you prepare yourself as much as possible to avoid any undue stress. Here are a couple things that you can do to be better prepared.
1. Start Saving Money Now
Going through a divorce can be incredibly expensive. Not only do you have expenses for the lawyer, but you also may have to pay for your own living in a separate residence. This is why it is so important to start saving now.
Remember both you and your spouse will need to hire your own lawyers. This means that you will be responsible for your own lawyer fees. You should have enough money saved up to pay for the retainer fees and any other costs associated with it. You don't have to delay the divorce because you can't afford it.
In addition, you should have a bank account in your name only. Up to this point it is likely that you and your spouse have had joint and shared accounts. This could make it difficult to get the money that you need. Your spouse could drain the accounts and keep your money from you. This is why you should have an account in your name and put money aside to pay for the legal fees and your living.
2. Downsize and Get Out Of Debt
When you divide the estate in your divorce, you will also divide all of your debt. This could be dangerous for you and your financial future. For example, if your spouse is in charge of paying for a credit card that has both of your names on it, but fails to make payments, then it could affect your credit score and you could still be on the hook for the debt. This is why it is best to eliminate as much debt as possible before you divorce.
In addition, you should consider downsizing your life. When you were married you shared money, so you only needed to pay for one residence, one grocery bill and so forth. Now that you will be living separately, the same amount of money may need to support two people living two separate lives. This is why downsizing can really help.
These are just a couple things you can do to be prepared for your divorce. Contact an attorney like Gruber & Associates, PC for more information.