For most, going through a divorce is a stressful and difficult ordeal. Not only are you dealing with your emotions, but you also have your finances and assets to worry about. The logistical side of a divorce is very important but can become overwhelming, so it is important to be equipped with the right knowledge.
Below are a few important tips on how to best sort out your finances while going through a divorce
Get representation– An experienced family law attorney is crucial when navigating divorce and the attorneys at HLG are here to help you through it. A divorce can become very complicated and it is important to have an attorney help guide you and represent your best interests.
Gather important documents– This can include copies of tax returns, credit card and bank statements, loan documents, property records, insurance policies, and more.
Bank account(s)– Open a bank account in your name if you do not have one already. Consider choosing a bank that does not hold any accounts in your spouse’s name. Then, work with your attorney to determine whether it is appropriate to close and/or transfer money from joint accounts. It is always prudent to keep a paper trail relative to money coming from joint accounts.
Define shared assets and debts– It is important to define all debts and assets as well as understand what was accrued both before and during the marriage. An understanding of these facts can help you determine what is marital property (subject to division between you and your spouse) and what is separate property (your spouse is not entitled to this). If it is considered marital, there is a presumption of 50/50 ownership in all assets and 50/50 liability for all debts.
Review your beneficiaries– Go through any estate planning documents, including wills, trusts, life insurance policies, pension and retirement accounts to make sure you update beneficiary information.
There are still many other things to consider financially when going through a divorce. That is why it is important to have an experienced family law attorney helping you. You may also consider bringing in a financial planner to work with your attorney. Regardless, it is important to have a plan for your life after divorce.
Contact us today if you or someone you know needs to speak with a family law attorney about questions or concerns surrounding finances and divorce.