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3 financial tips when preparing for a divorce

On Behalf of | Feb 6, 2024 | Uncategorized

Divorce can be hard on a couple’s finances, likely leaving both of them worse off financially than they were before. However, this setback can be worth the fallout because of the emotional benefits a divorce can inspire.

Yet, that doesn’t mean that you should walking unprepared into a divorce. Doing so will only weaken your financial situation. The following are some things that you can do to give yourself a better chance of emerging in as strong a financial position as possible.

Know what you’ve got

It all starts with a thorough assessment of your current finances– meaning you and your spouse’s individual affairs as well as your joint ones. Without that, you cannot hope to reach a fair financial settlement. You need to list your assets for the court so that it can understand what an appropriate split would look like. You may want help to better ensure that your spouse has accounted for everything they should, as some try to hide assets to avoid having to share them.

Ensure you have enough to survive the interim period

The divorce process takes time. It can be a worrisome and stressful period. If you are struggling to eat or pay your bills, it will not help you focus and could leave you at a disadvantage in negotiations. Ensuring you understand the immediate costs and putting enough money aside to cover them allows you to concentrate on getting the deal you deserve.

Know your rights and entitlements

While there is plenty of flexibility for a couple or a court to determine settlements and agreements, there are underpinning laws that govern matters. Only once you know them can you look to use them to your lawful advantage. As such, getting help to ensure you are well-informed may be crucial to achieving a successful divorce.