It goes without saying that getting a divorce is a difficult situation. In fact it may be the most difficult situation that you have ever had to face or will ever face. That being stated, the more you are prepared for it, the better off you will be in the long run. This holds true from both a mental health standpoint, and a financial standpoint. That means you need to get your financial affairs in order sooner rather than later. So without further ado, here are five (5) financial tips for people who are planning for a divorce.
Do Not Listen To Family And Friends
You need to be prepared for the fact that your family and friends will start to offer you financial advice as soon as you inform them of your impending divorce. Keep in mind that although they have your best interests at heart, they may not have the actual ability to give you financial related advice. Often times, your family and friends will take out their anger and sadness about your divorce on your soon to be ex-spouse, but delicate topics such as finances should never be based on revenge.
Take Care Of The Basics Right Away
When planning for a divorce or legal separation it is important to take care of the basic financially based items immediately. For example, open a bank account in your name only, remove your spouse from joint accounts, and change your marital status on your tax returns. In addition, do not forget to remove your husband or wife from your will. If you do not have credit established in your name, it is important that you do so at this point.
Take Inventory Of The Assets That You Share With Your Spouse
Typically speaking, couples that have joint assets end up splitting those assets in the divorce whether it’s a 50-50 arrangement or some other percentage. That means you need to know exactly what you have in joint assets. Check on the value off all joint assets and make sure the value is up to date. For example, if you and your spouse own stocks together make sure that you know the exact value of those stocks since they can fluctuate up or down on a regular basis. The same holds true for gold and silver.
Decide What You Are Going To Do With The Family Home
Speaking of assets, if you and your spouse own a house together the real estate may very well be the biggest assets that you own both own. That means you need to figure out what you are going to do with that asset. However, unlike stocks, bonds, or precious metal investments, the family home also comes with a great of emotions. This holds especially true if you have children. You need to decide with our spouse if you are going to sell the house and split the profits from the sale, or if one party is going to buy out the other.
Seek The Advice Of A Professional
Taking inventory of the assets that you share with your spouse, deciding what you are going to do with the family home, and staying on the same page as your soon to be ex spouse can be next to impossible. That means you will most likely need the help and advice of a professional that has the experience and knowledge with such matters.
If you’re facing a separation, divorce or need help with any family law related issues, you are not alone. You just need to go about it the right way. Your Legal Rights Advocates is a 5 Star Nationally ranked consumer based law firm that specializes in helping people with family law issues in the Commonwealth of Massachusetts. We will review your situation and provide you with the best advice and services that you need to start moving on with your life. Please call us today for more information at 855-254-7841 or click here to visit our website. We look forward to helping you.
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