Readying Yourself and Your Financial Situation During Divorce

financial situationWhen finances are important to you and you are attempting to retain as many rights to your earnings and keep your life healthy and stable after divorce, you might start looking into what your financial situation will look like. Some people cannot be prepared for the emotions and financial turmoil that sometimes comes with divorce, but we want to help you when it comes to preparing your finances for the process. We understand that every case is unique but we want to help.

Helping You Prepare Financially 

Track All Expenses: You don’t want to just track the expenses that you incur right now, but instead do this alongside anticipation of future expenses you might not have expected. While going through divorce, you might realize that this means the end of a two-individual household and finances might seem a bit tighter than they were prior to the divorce. You want to track all income and expenses because it will help build your budget but also assess how assets and debts should be split according to your divorce. You want to include all the important aspects like household bills, clothing, entertainment, home maintenance, transportation costs, and more. Look beyond what seems obvious and consider what might be in the future. 

Gather Documents: You want to gather all documentation you can to support your claims, which can be tedious but extremely necessary. Acquire information regarding your checking and savings accounts, retirement accounts, investments, loans, credit card statements, recent pay stubs, and anything else you deem to be relevant when it comes to your assets.

Consider Financial Decisions: Do you believe that a financial decision is too big and might not be a good idea right before or during your divorce? You will want to make major changes when it comes to overspending, so if there is a big purchase, you might want to wait. Many things will come in time when legal proceedings take off.

You want to be very conservative during this time and it comes to spending and saving because you want to protect your best interests and treat all joint finances as if they are part of one big effort. If you start spending money, you might incur expenses and it could come back on you.

It might be time to bring your case into the hands of a trusting attorney when you are dealing with major finances that mean everything to you. You have options and we want to help in the midst of your claim at the Montes Law Firm. Call us for more information to find out how we can help you get started.