The Adoption Process

4 Tips For Financially Preparing For Life After A Divorce

Divorce can be very difficult emotionally and spiritually, and for many people there are also financial difficulties as a marriage is dissolved. A change in income is very common as spouses go from a couple with two incomes to support the household, to individuals with just one income. One of the best things that you can do if you're planning on a divorce in the near future, or currently going through a divorce, is to get your finances in order before the divorce is finalized. Use the following tips to help you be financially sound after your marriage ends:

Know All of Your Marital Assets and Debts

A major component of a divorce is the division of a couple's assets, as well as any debt that they incurred together during the marriage. In order to plan for your future, it is important to know all of the assets and debts that will be involved in your divorce. Make copies of all checking and savings account statements, 401(k) statements, stock portfolio documents, and get appraisals of any jointly owned property. In addition, gather current credit card statements, and make a list of any other revolving debt that you and your spouse may share.

Begin Setting Up Separate Accounts

As an individual it is important to set up your own checking and savings accounts, as well as apply for credit cards that are only in your name. It is a good idea to consult your divorce attorney before making any big financial moves to ensure that you don't do anything that can cause problems down the line. For example, it may not be a good idea to take all of the money out of a joint checking account and deposit it in your individual bank account.

Determine Any Child Support or Alimony that May Be Awarded

Depending on your personal situation, you may be awarded child support or alimony to help maintain your new household. The amount that you may be awarded will depend on a number of factors, such as your spouse's income, the number of children you have together, the length of time you were married, the final child custody agreement, and your income. Your lawyer will be able to review your case and your financial documents to help you determine a ball park figure that you can expect in maintenance support after the divorce is finalized.

Create a Personal Budget

One of the best ways to financially thrive after a divorce is to have a firm budget in place. Creating a comprehensive budget will ensure that you have the funds to secure a place to live, pay your bills, keep food on the table, and properly care for your children.

To learn more about divorce, contact a law firm like Hofheimer Family Law

About Me

The Adoption Process

My husband and I are currently trying to start a family. Because we’re both older, we don’t know yet if we will be able to conceive or not. I also have a few health issues that may prevent us from having a baby naturally. However, we plan to start a family through adoption if we don’t conceive within the next few months. Because the adoption process is detailed and complicated, we will need to hire a reputable family attorney to help us. This professional can assist us with filling out the necessary paperwork and filing it with the appropriate agencies. On this blog, you will discover the benefits of hiring a family lawyer during the adoption process.