There are a lot of money-matters that divorcing spouses need to attend to. These financial responsibilities might not have existed prior to the initiation of the divorce process. As such, it is important to familiarize yourself with various tips and tricks for surviving the financial aspects of divorce.
Here are several pieces of advice that will help you stay on track financially during your divorce process.
Determine the assets to be divided up
At a certain point in your divorce, you and your spouse will need to divide the assets you share together. Some assets will be marital property and others will be individual property. Aside from certain types of exempt property and assets, anything that was acquired or earned after the date of marriage will fall under the category of marital property. At this stage, however, focus on making as complete a list of assets as possible. This includes financial assets, investment assets, business assets, personal possessions, art, appliances, furniture, cars and anything else you can think of.
Don’t commit financial revenge
It’s tempting to take cash out of a joint account and stuff it into a safety deposit box that only you have access to. It’s tempting to run up high debts on your credit cards to take revenge on a spouse who was cheating or abusive in some way. However, courts will not take kindly to these actions and you will likely be severely punished during the assets division process. Stay fair and transparent at all times when it comes to finances during the months leading up to your divorce and during the divorce itself.
When you can learn more about how a family law court will divide your marital estate, you will be able to take a more informed and objective approach toward the asset division process. When you can view your divorce settlement negotiations as a business process, you will have a higher chance staying financially secure and ending your marriage fairly.
Source: CBS News, “Divorce tips for financial security,” accessed Feb. 15, 2018