Divorces are always more complex than people initially assume, especially when it comes to finances. Couples tend to compartmentalize their finances. One spouse may worry about retirement plans, savings and the like, while the other spouse takes care of credit cards, house payments and monthly expenses. As such, neither spouse may be fully prepared for all that a financial split entails.
Below, you’ll find four general tips that can help you prepare for the change in your finances. Chances are you’ll have lots of questions about the divorce process and how assets will be separated. That’s where we come in. At the Law Offices of Elliot Green, we can help you with all aspects of your divorce, including alimony, division of assets, child support, child custody and post-nuptial agreements. To schedule a free consultation with an attorney in Brooklyn, Call Us At 718-260-8668 Today!
1. Organize Your Finances
The best way to protect yourself during a divorce is to make sure you know everything about your and your spouse’s finances. Start a filing system, and make it your mission to gather and read everything you possibly can. Be especially thorough when looking at financial areas that your spouse was in charge of to make sure you have a complete picture of the state of your finances.
2. Start Separating Your Finances
Once you’ve decided to get a divorce, start making yourself financially independent by opening a checking and savings account in your name. It will make the transition into financial independence much easier if you do the legwork early.
Forbes recommends that you start taking charge of all areas of your finances. If you don’t already, start checking your credit score. If you see any mistakes, get them corrected. You will be relying on your credit to establish your financial independence, so take it seriously.
3. Update Your Information
One of the most often neglected parts of a financial separation is updating your information with your various financial institutions. Many people realize years later that their ex-spouse is still listed as a beneficiary on their retirement account, insurance policy or will. Once the divorce is final, set aside a few hours and call all of your financial institutions to ask if there is anything that should be updated after a divorce.
4. Start Living On A Post-Divorce Budget
As soon as possible, start to think about what your budget will look like based on solely your income. Take a look at what will need to change. For example, should you switch to a less expensive gym? Can you still afford all those channels from the cable company? Once you are living on your own, start living like you are divorced, so that you can transition into post-divorce life confidently.
When it comes to a divorce, having someone on your side that can answer all your questions and help you protect your interests can make all the difference. If you are planning a divorce, we want to offer you a free initial consultation to get to know our staff and see if we are a good fit. To schedule your consultation, Call Us At 718-260-8668 Today!