The signs are there, you and your husband are going to divorce. Now is the time to start preparing yourself financially. Divorce can cost thousands of dollars. The more contentious the divorce, the longer it will take and the more it will cost. Follow these tips to get ready.
Make Copies of Financial Documents
The next step is to make copies of all of the financial statements that you can. Make a copy of the life insurance policies, the 401(k), the bank statements and credit card statements. It is best if you have copies showing anywhere from the last six months to the last year.
Take Pictures of Possessions
Get a digital camera and start taking pictures of your home and your possessions. Visual proof of the assets of the marriage will be highly beneficial during the divorce proceedings. After you take pictures of all of your valuables, make a list and get an estimate for their value.
Joint Checking Account Issues
Many married couples have a joint checking account, but it just makes for a lot of trouble when it comes to a divorce. Both parties have equal access to the account. They both have liability for charges or debts associated with those accounts.
You do not want your name on a joint account while you are going through divorce. The problem is that you are not legally able to take your husband's name off of the account without his consent and signature, nor would you want to take off your name and lose all claim on the money there.
The best option is to close the account. Open a new account in only your name. Deposit half of the money in your own account. Have the bank print a cashier's check made out to your husband for the other half.
Benefits to a Large Retainer
If you are financially able, you may want to pay your attorney a large retainer for his services. A retainer is basically paying your attorney in advance for the work that he will do for you. If the final bill is less than what you paid, then you receive difference back. Paying a large retainer gives you piece of mind knowing that your attorney fees are covered. It also takes that money out of the equation when dealing with finances during the divorce.
Make a Budget
You need to live on a very lean budget during your divorce. You have no idea how much money you will end up with or whether or not you will get anything from the divorce. Depending on your situation, you may end up paying money in either child or spousal support. Figure out what you can cut out from your expenditures and save the rest of your paycheck to help you get back on your feet after the divorce is final.
To learn more, contact a divorce lawyer like Andrew H P Norton.
Share21 July 2015
When I began the divorce process, I knew that I wanted to change my name back to my maiden name. I no longer wanted to be associated with the family name of the man that I was divorcing. The problem was, I have three kids that all had their father's name. I wanted to know if I would be able to change their last names to my maiden name rather than having them carry that family's name for the rest of their lives. I found out a lot about what it would take and began working to create this blog to help other women wanting to do the same thing.
