Financial Divorce Preparation
One of the most common affects of a divorce is the financial problems it can cause. Not just the child support and alimony aspect of it, but the division of assets can have a negative impact on your monetary situation. However, there are steps you can take to lessen the impact of a divorce on your bank account and still come out whole.
Get Your Own Bank Account
If you have a joint bank account currently, set up a private account at your financial institution and begin placing your funds there. This does not mean to empty your current joint account, but begin depositing your upcoming pay checks into it, or any other funds you might recieve as income.
Take A Look At Your Budget
You are going to need to have a strong financial foundation. When it comes to the cost of a divorce, attorney fees, filings, etc., you are need to be able to cover it. Watch your credit score as well. Pay down any high interest debts you have to help you in the long wrong. Tighten up any unneccesary spending and make sure you have a cussion to cover emergencies.
Find Out What It Costs To Live Alone
You are now transistioning to a one-income household. Make sure you plan for this accordingly. Subtract your current debt from your income and see how much of a mortgage, utilities, and living expenses you can cover on your own. Consider downsizing if possible. This will help you come out on the best possible foot forward in the end.
Divorce Is Not Easy
We always encourage reconcilliation if possible. But when it can’t be done, you need to be prepared. Call the office of Charles McCaskey today to get adequate representation in your divorce case. Send us a message to get started.