The Law Office Of Robbin D. Vanderwoude
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Finances and divorce: 3 steps to take to make it easier on yourself

| Jul 7, 2021 | High Asset Divorce |

If you are preparing to divorce your spouse, one of the things you need to think about is how you’re going to support yourself. If you currently work and have a career, then you know you’ll have an income coming in. If you don’t work and have been a stay-at-home spouse or caretaker to your children, then you may not be sure how you’ll support yourself once you end your marriage.

Now is a good time to think about your finances and how you can budget for your life after divorce. Here are three steps to take to make your life easier once your divorce is finalized.

  1. Prepare for expenses before you ask for a divorce

It’s a good idea to have a financial cushion in place before you ask your spouse for a divorce. For instance, if you have the option of setting aside some money in a private, separate savings account, now is a good time to do that.

  1. Know your budget when you talk to your attorney

Another helpful step is to know your budget before you talk to your attorney. Let them know what your budget looks like and if you may need help. They’ll be able to talk to you about things like spousal support or lump sum settlements, so that you have what you need to cover your bills when you move on.

  1. Have private lines of credit ready

Finally, know that it’s possible that you could lose access to shared lines of credit. If you want to make sure you have credit open for your use, take out your own credit line in advance. If you don’t, you might find it hard to get a credit card while you’re in the midst of divorce.

These are three steps you can take to make divorcing easier on yourself. It’s possible to overcome many of the financial issues you may be looking at, but you may need to ask for support or look into creative money management techniques in the short term. With knowledge about the legal process for divorce and an understanding of the state property division requirements, you may be in a better position to negotiate.