Divorce is a challenging and emotionally difficult time. It is understandable that during this difficult time it can be a struggle to keep everything in order. With everything going on during a divorce, it is easy to lose sight of your financial goals, and the critical components necessary to maintaining your financial health. In an effort to assist you in keeping your financial goals in order, the Goosmann Law Firm has provided the following banking and financial tips for your divorce.
Hire a Financial Advisor
Financial advisors are trained and qualified to provide specific advice concerning your financial situation, and this is particularly helpful when significant changes are taking place as part of a divorce. Just like your divorce attorney, a trusted financial advisor is an invaluable asset in helping you navigate through your divorce.
Stay Informed:
It is critical that you continue to maintain a detailed understanding of the current financial situation of both you and your spouse. To help accomplish this:
- Ensure access to account passwords
- Get and maintain current account statements
- Develop a personal financial statement that provides the details of both you and your spouses’ assets, debts, and future retirement benefits
Update Your Budget
As a divorce proceeds, you are often times left providing for the same expenses on only one income, this can stretch your budget to the breaking point. As such, it is critically important that you re-evaluate your current expenses and determine how you can meet those obligations on just one income. Without a doubt this is a difficult task; however, the sooner you are able to build a sustainable budget, and stick to it, the better of your financial situation will be moving forward.
Close/Freeze All Joint Accounts
If you have substantial concerns about your spouse’s financial responsibility, you should definitely consider canceling any jointly held credit cards and/or checking and savings accounts. This is important to do because of what your spouse might do before the divorce is finalized. They could use those cards and accounts to run up the debt and balances on your accounts and ruin your credit score while making you liable to help pay it back.
By following these simple suggestions outlined above, you can set yourself up for a promising financial future post-divorce. Feel free to contact Goosmann Law Firm below for any questions.
Read more from our Divorce Lawyer on Your Side blog here.
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