Managing your Finances During A Divorce
Finances will be a major topic that you and your spouse will need to work through during the divorce process. A divorce lawyer near you can advise you on how to deal with divorce financially. A divorce lawyer can also potentially predict how your debts and assets will be divided between you and your spouse and whether or not you will have to pay for maintenance or if you will receive maintenance.
As you and your spouse work through the terms of the divorce, there are some things you can do to protect your financial well-being throughout the process and after the divorce:
Revise your will: In some states, a divorce automatically voids a will. However to avoid any issues, meet with your estate attorney to update your will so it reflects your current situation.
Review your retirement assets: It is not uncommon for a judge to divide IRAs and pension money right down the middle. Overnight, your retirement assets could be cut in half. It would be beneficial to meet with a professional to discuss rebuilding your retirement assets.
Get disentangled credit-wise: Be sure all joint credit cards have been cancelled and new ones are issued in your name only. Otherwise, your liability for your ex-spouse’s bills will continue. Also, if things have taken a turn for the worst financially, you may want to consider speaking with a bankruptcy attorney.
Tie up any lose ends: Make sure all assets awarded in the divorce are transferred to your name. If you’re receiving alimony or child support payments, make sure the paying parent has a life insurance policy that will pay you and the kids in the event of his or her death.
A divorce has the potential of affecting your entire life and can be draining both physically, emotionally, and financially. Let Total Lawyers help you by connecting you with a divorce attorney in your area.
By filling out our divorce case review form or calling us at 1 (877) 349-1310, you can get in touch with a divorce lawyer today.