Don’t Let Your Finances Take a Hit During a Divorce

Going through a divorce can take a toll on your finances and subject you to psychological pain and suffering. It’s imperative that you take great precautions to avoid ending up in such a situation during and after your divorce.

In Nassau County, divorce lawyers often urge people looking to dissolve a marriage to seek representation. While many couples think they do not need a lawyer for such instances, there’s more to it than having a verbal agreement and signing a paper. A divorce means dissolution of a civil union, and that often requires acknowledgment from the law. You need expert guidance that can save you a considerable amount of pain and suffering.

Discuss Finances

In a divorce, money is often the main issue. It’s not surprising that many couples often have arguments over finances and property distribution. If you can, make sure to discuss these matters with your spouse accompanied by your legal representative.

The courts do not take it lightly when couples indulge in shouting matches and improper conduct. If there are any issues regarding finances, it’s best to freeze the account until you can reach an amicable way to divide it.

You could make a list of all the properties you shared during the marriage and also all your properties before marriage. If you have a pre-nuptial agreement, have your lawyer check what is covered in the agreement.

Change Your Lifestyle

Going through a divorce often means transitioning from a two-income household to a single-income household. You should consider lessening expenses and consider vital payments, such as mortgage and utility bills. You might need to move into a smaller house, sell your car,  and even remove certain luxuries. Some families remove additional costs such as entertainment, restaurant dinner and drinks, and even vacations. Removing these from your expenses can boost your finances.

It’s way easier to pick up the pieces and move on with your life when you don’t have creditors breathing down your neck or staring at bankruptcy. Too many people have had their lives turned upside down after divorce, simply because they did not deal with their finances very well.

Sell Your Furniture

inside a store

It’s common for spouses to buy lots of furniture on credit during the marriage, but there are too many incidents where a spouse is left to pay the loan after the divorce. In many cases, the argument over ownership could spark a bigger debate, so it’s best to sell all your furniture and divide the money you collected.

If you have furniture you purchased before the marriage, it would be best to bring out receipts and other documents that prove your ownership. If you cannot produce these papers and do not wish for the furniture to be sold, it’s best to make a deal with your spouse on these particular pieces.

Ask your lawyer how you can manage your finances if you plan to go through with your divorce. It is only when you and your spouse discuss these matters with your legal representatives that you could achieve an amicable settlement and divorce.

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