We often talk about the emotional and functional aspects of divorce, such as how to handle your children’s emotions during joint custody or how much you’ll get in the divorce. While you may know that divorce can be extremely expensive, there isn’t much talk about how to prepare for the financial changes.
In today’s blog, we’re going to discuss five specific ways you can be financially prepared for the divorce process. Whether you’re just now filing for divorce or you already have filed for divorce, we hope this blog will be of help to you. Be sure to contact us today if you need a divorce lawyer in Tempe or for a free consultation!
Know Your Money
Our law firm in Tempe has seen it time and time again: one spouse generally handles the bills, monthly payments, and all other aspects of finance within a relationship. While there’s nothing inherently wrong with this, it can be difficult when you divorce and you’re the spouse who doesn’t know much about your monthly bills and finances.
Get to know your money by studying your joint bank account or looking at bills in the mail. This will help you know what your financial status is like currently and what future expenses could potentially look like.
Save Your Money
Many people think they can go buy a boat, RV, or even a house in the face of divorce and that it’ll protect their finances. “But I bought the boat,” you say. When you’re married, all assets are considered joint assets, meaning that boat or anything else you bought while not officially divorced could still go to your ex when all is said and done.
Get Copies Of Documents
There are a lot of documents you’ll need during the divorce process, especially when it comes to the division of assets, debt, and more. Find all of these documents, such as your bank statements or tax returns, before life gets crazier and your important papers are in a box who knows where. Your divorce lawyer can help you know what documents you need.
Consider Your Retirement Contribution & Social Security
If you regularly contribute to a retirement fund, then that could be privy to division in your divorce. As you very well know, investments are key for success. However, it could be wise to pause your contributions until your divorce is finalized.
If you’ve been married for at least 10 years, you may get a portion of your ex-spouse’s social security when the time comes. The best divorce lawyers will help you analyze and address this during the divorce process.
Work With A Divorce Lawyer
Here in Tempe, The Law Office of Ronald Kossack is for you. From first filing for divorce to finalizing it in divorce court, our law firm is there for you. Contact our divorce lawyer today for a free consultation to get started with the divorce process — and follow these tips for financial success before and after your divorce.