Financial Tips to Prepare for Divorce

 Posted on August 09, 2019 in Divorce

Divorce is rarely a rash decision. It takes serious consideration from both sides and can have its fair share of consequences. As you begin taking the steps to file for divorce, it is important to be prepared. Divorce can be an expensive process and if you are not careful, it can cost you more than you expected. However, with proper financial planning and preparation, you can work toward a fair divorce that does not permanently damage your bank account.

Evaluate Your Finances

In many divorce cases, one spouse may not know how much money is contained in the couple's joint bank accounts. Regardless of gender, it is important to know what is in your bank accounts and have a general knowledge of your credit report. Look at each bank account’s balance before meeting with your attorney. At the same time, evaluate any debts that you and your spouse hold. Having a good understanding of your financial situation will give you an advantage when dividing assets.

Make a Budget

There will be a lot of changes after your divorce, especially regarding your new living situation. It is important to create a budget to determine how much your new lifestyle will cost. Will you be renting an apartment? Will you be paying for utility bills on your own? How much is your weekly grocery bill? These are important questions to consider when creating a budget. Once you have a budget that covers your necessary living expenses, the judge can determine a proper amount for spousal maintenance/support.

Obtain a Credit Card

Divorces cost a considerable amount of money and it is important that you have adequate finances to cover the legal fees. If you do not have the cash upfront, applying for a credit card may be your next best option. The credit card will give you a credit line and liquid cash that you can pay back once you are more financially stable. 

Contact an Oakland County Divorce Attorney

Getting divorced can be difficult emotionally and financially, but with proper planning, you can move ahead with the proceedings confident that you will not lose all of your savings in the process. Finding an attorney who will prioritize your case while keeping your financial situation in mind is crucial. The law office of Elkouri Heath, PLC has handled many types of divorce cases. Our knowledgeable Novi, MI divorce lawyers are able to counsel you on every facet of your divorce and help you plan for your future. Contact our office at 248-344-9700 for a free consultation.

Source:

https://www.huffpost.com/entry/preparing-for-divorce_n_5baceff6e4b0425e3c2104fe