The stresses of divorce aren’t just emotional — they’re financial as well. And, unfortunately, the financial stress of divorce doesn’t necessarily leave after you reach a settlement with the help of a divorce lawyer, even if you’re entitled to alimony.
When you’re going through a divorce, you don’t want to work with a divorce lawyer who will simply file paperwork for you; you want a divorce lawyer who will provide you with the resources you need to succeed. In the Tempe area, this divorce lawyer is Ronald Kossack. At our law firm — The Law Office of Ronald Kossack — we specialize in divorce cases and we update our blog regularly to provide you with resources for success. Today, we’ll discuss tips for managing finances during a divorce. Watch the video and read the tips in this post, and then reach out to our law office to schedule a free consultation with a divorce lawyer.
Keep Track Of Expenses
You should know exactly where your money is going each month — not just having an idea of what you spend money on here and there. From eating out with friends to paying for auto insurance, phone bills, travel expenses, and more, keep track so you know how much you need to maintain your finances. By knowing how much you regularly spend, you can accurately plan for the future.
Gather Financial Documentation
Next, gather any and all financial documents you can find for your divorce lawyer. This could include everything from bank statements to loan agreements. This will give you, and the divorce court, an accurate understanding of your marriage’s financial health, assets, and debt when it comes time for asset division.
Avoid Making Large Purchases
Think you can buy a brand new boat or car and it will be yours if you do it before the divorce is finalized? Think again.
You’re still married, so any purchases made will be subject to division since they are considered marital property. By making large financial decisions like this before the divorce is finalized, you could actually damage your financial health after the divorce.
Save, Save, Save
Now is the time to pinch pennies. You should still enjoy your time and go out with friends, for example, but you’ll experience a large financial change after your divorce — even if you’re paid alimony or spousal support. By saving money now, you can prepare for the financial changes.
Know When To Ask For Help
If you’re overwhelmed with the financial aspects of divorce, then ask for help. While friends and family may be good resources, divorce lawyers can help you best understand how to manage finances during your separation.
Work With A Divorce Lawyer In Tempe Today
Filing for divorce isn’t easy. There is confusing paperwork, financial stressors, and emotional triggers all along the way. The Law Office of Ronald Kossack is here to help. Our family law firm can help with child support, child custody, and more when you’re filing for divorce and we’ll work hard to help you achieve the divorce settlement you’re looking for. Get started today with a free initial consultation.