How To Handle Finances During Divorce

As if legal and emotional stress aren’t enough to deal with, financial pressure plays a big part of going through divorce. When two people who have previously shared finances split, big changes can result. Often, this change is frightening; luckily, you can get out of a bad marriage regardless of your financial situation as long as you play it smart.

  • The most pressing financial task is separating your joint bank account. In the same vein, you must divide your assets. Depending on what kind of assets you have, this can be simple or complex. Do you own a house together? How about a car? Your divorce lawyer can help you negotiate these issues. It’s important not to get weighed down by small issues at this time. Pick your battles. Behaving aggressively over small issues can lead to your ex-spouse having legal precedent for taking more financial assets and an award of attorney’s fees against you. Only fight for what’s really important, and don’t let emotions get the best of you.
  • Divorce is a lifestyle change. To prepare and protect yourself financially, it’s important to establish a financial identity. If you’re in the process of getting a divorce, open savings and checking accounts in your name before the paperwork is filed. In all likelihood, your income will be different after your divorce. It’s a good to prepare for financial independence.
  • Accept that your financial situation is going to change. This change can be stressful, particularly if you’re not sure what it will look like. By seeking sound legal advice from professional divorce lawyers in Loudoun, VA, you can take some of the stress from your divorce. A financial advisor can create a post-divorce expense and income report so you have a better idea of what your financial future will look like.

Divorce isn’t the end of the world. With proper legal and financial support, you can get through it. Contact us today.

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