Divorce is certainly one of the hardest – and most expensive – moments of the life of any couple. Unfortunately every single year we have thousands of divorces going on all around the world and although this is a time for deep sadness it is also a time for a lot of attention, especially money wise. In fact money is one of the main causes for divorces these days, after all each spouse works a lot and does not want to be left alone and without anything or even no bank in the account. In fact the lack of money during the marriage is certainly one of the biggest causes for divorce in the first place.
One of the biggest financial tips during divorce or even before it actually happens is to have a professional of the field give professional advice. There is nothing better than to have someone who truly understands the matter show the couple the best options for both parts. That way the both parties will not have to sort it all out when they are too angry to even talk to each other! The sooner a couple knows their rights the best, especially while in the middle of a traumatic event such as a divorce.
What to do if divorce is unavoidable?
When it comes to financial matters it is always important to analyze, think through carefully and then finally make a decision. Although these might seem like very easy to understand and follow rules most couples do not do! Yes, in fact most couples simply do not discuss financial matters while they are married or even while dating. This is very important because if it was done the divorce could certainly be avoided. The more a couple talks, the best, especially when the subject is as delicate as finances.
Now if you are not married anymore and is facing some tough times getting through the divorce, here are some very useful tips to guarantee your part will be preserved.
- Have an attorney from day one – Although you and your spouse might seem pretty agreeable, when it comes to money people sometimes lose control. It is always important to have a good and responsible attorney by your side that way you will have professional advice during the whole process. Filling in for divorce as well as dividing the assets is made much easier with the help of such professional.
- Division of assets – Other important financial tips during divorce includes deciding who will stay with which asset. It is always important to evaluate the value of each and every item and then divide. In case your spouse does not agree with what you would like to keep a good idea is to sell everything and then share the revenue.
- Children – There are several different aspects during a divorce that involve children. First of all the judge will decide who will stay with the child, if someone will have to pay child support and also who will have the right to claim for the child in the tax return papers. Every single detail should be carefully discussed (preferably by the side of your trusted attorney). Apart from these legal matters it is also very important to talk to your children and try to make the whole process as smooth as possible, after all the whole thing can be even more traumatic for the child.
Where and how to begin the whole divorce process?
There are some tips for you to pay attention to if divorcing ever crosses your mind. Of course you might change your mind and get things settled before you also become part of the divorce statistics. Here are some very good financial tips during divorce that will be of great help:
- If you feel a divorce is coming open a separate bank account. This is a great way to start saving your very own money in case the worst happens. In case you are already getting divorced this is also a very good way to separate what was under both your name and your spouse’s in the past.
- Change the name in your documents as well as change the name of who will get part of your insurances. The faster you do it the less chances your spouse will have to get any more money from you.
- Make sure your child support is getting in your account every month. Although this might seem impossible there are some parents that simply forgive each other for not paying child support. This should not happen as your child needs his rights and it is your responsibility to guarantee him that.
- If you do not know what to do contact professional help. This is the best way to always do the right thing when dealing with finances.