There is no doubt that the process of securing a divorce can be extremely painful. However, the process can be even more painful if it ends up compromising your long-term financial health.
Fortunately, there are things that divorcing couples can do to make sure that the end of a marriage doesn’t leave them in dire financial straits.
A Miami Herald column recently took a look at a few steps that couples can take to protect themselves financially during a divorce. The column, written by wealth advisor Andrew Menachem, recommends that couples first take time to review their current financial situation very carefully.
According to Menachem, this is not necessarily an easy task. It requires a husband or wife to gather comprehensive information on their income, debts, assets and monthly expenses.
While this kind of extra work is rarely welcomed during a prolonged divorce proceeding, it is extremely important. Divorcing spouses who have a clear picture of their finances are better equipped to ensure that they will not suffer financially once the divorce is finalized.
Menachem also recommends that divorcing spouses take the time to separate their assets and debts into two columns. One column will be for those that they want to keep. The second column will list those assets and debts that they want to assign to their soon-to-be former spouse.
He also advises that divorcing spouses apply for new credit cards and open new checking accounts in their own names.
Menachem asserts that those divorcing spouses who take these steps will ultimately have stronger financial confidence moving forward. For example, they will be better able to judge whether they will be able to stay in their homes following the divorce, and make more informed decisions regarding child support and alimony payments.
Stay tuned for updates from our Ft. Worth family law blog …
To learn more about dissolution of marriage, property division, spousal maintenance or other divorce-related issues, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal or financial advice.
The Miami Herald, “Facing the financial facts of getting a divorce” March 10, 2012