Four Financial Moves You Need to Consider When Filing for a Divorce

Are you getting a divorce? Then you should be ready for the impact it can have not only on your personal life but also on your finances. The fact that your spouse may ask for alimony plus a share of your wealth during the trial can already be a huge financial headache. Don’t forget about the debts and loans that you or your soon-to-be-ex-spouse can be hiding from each other. With all the financial struggles you can be facing during and after the divorce, what can you do to stay sane?

It is no secret that a divorce can be emotionally draining for both parties. But if the time comes when you are no longer happy with your marriage and things are no longer working out, you and your spouse may come to the conclusion that it would be best to part ways and live separately. But the question is: how can you survive financially during a heart-breaking divorce?

Consider mediation

Divorce mediation allows you to skip the long divorce battle and save money. It allows you to talk to your partner and come into an agreement with the help of a mediator. Instead of fighting over all your properties, assets, and money, you can split all these or sell and share the investments. This way, you can avoid having to pay hefty fees and taxes and start a new life faster.

Work with a competent divorce lawyer

If mediation is not an option, work with a competent divorce lawyer in Colorado Springs to help you get the most out of the divorce. They can help you find the best ways to get the best amount of alimony from your spouse and split your assets. You can have that peace of mind because you know that your divorce attorney will fight by your side head-on to make sure that your rights are well-protected. This way, you can focus on moving on. You do not have to worry about your best interest being exploited during the proceedings.

Update your insurance policies, savings accounts, and credit accounts

talking about insurance

The last thing you’d want is your soon-to-be-ex-spouse still being your beneficiary or having the power over your finances. There is no point in paying their insurance and debt if you are no longer together. So don’t forget to call your insurance agent to inform them about your decision to change your beneficiaries. Remove your ex from your savings, credit, and checking accounts. Call your financial institution and let them know about your new arrangements.

Let your attorney know about all your financial information

List down all your properties, assets, savings, checking, and retirement accounts, as well as your debts or loans if you have any. Don’t forget about listing your total monthly income and expenses as well. These things are critical information your divorce attorney needs to know. Withholding such pertinent information may result in your spouse having the edge over your wealth. This can cause an even bigger financial headache on your part.

Different couples have different reasons for getting a divorce. No matter your reason for filing a divorce, it only pays to prepare yourself financially so that you can have a fresh start with fewer financial worries in the future.

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