Finances are critical during a divorce
Jan 2 2017 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in High Asset Divorce, Tagged in high asset divorce
Houston couples that are going through dissolution know how emotional and stressful this time can be. There are many decisions that need to be made and many of them are financial in nature. In order for a person to wind up in a good spot financially after the divorce is finalized, there are some tips they should keep in mind.
One of the first things to do while preparing for a divorce is to separate finances as soon as possible. This can ensure an ex-spouse will not spend money that you will be responsible for or withdraw all money from bank accounts. New cell phone plans should be established, alerts should be created on accounts and health insurance should be straightened out.
A list of all financial accounts should be created, including retirement accounts, bank accounts, investment accounts and other similar accounts. Monthly expenses should also all be written down. A spouse who has stayed at home while married will most likely need to get a job after the divorce is finalized. It may be a good idea to look for jobs that require a minimum of training, including paralegals, nursing assistant or medical interpreters.
Those who are going through a divorce can feel overwhelmed at the entire process. It can be hard to look ahead and make smart decisions about things that will affect their future. A legal professional skilled in family law is an expert at giving advice to their client that is practical and necessary. They understand how these decisions can affect a person forever and they know the issues that a person will face. Having an expert on one’s side can really help make sure good decisions are made and nothing is left out.
A divorce is one of the hardest things a person may have to go through in their lives. No one expects their marriage will end in divorce. There are many stressful arrangements that need to be worked out that can carry enormous consequences for many years, including property division, alimony, child support, etc. Having a legal professional on one’s side is a valuable resource.
Source: marketwatch.com, “Financial tips for women getting a divorce,” Alessandro Malito, Jan. 4, 2017