Three ways to avoid financial calamities during divorce
Dealing with finances is one of the troubling emotional issues that must be dealt with during a divorce. After all, heartbreak is difficult enough to deal with; adding financial issues is like adding insult to injury. If you are going through a divorce, there are several ways to avoid the financial pain that can come about. This post will provide some helpful tips.
Start a financial separation – Once you know that a divorce has been initiated, it is helpful to close any joint bank accounts, credit cards and credit lines. Until you have a temporary order or a final order, your soon-to-be ex-spouse has the right to access these accounts and spend like crazy, and potentially leave you with the bill. Indeed, it is possible to obtain an order to make things right and hold a vengeful spouse accountable, but the trouble of going through such an exercise can be avoided.
Know what you have – It is also important to know what your financial liabilities are. It is common for spouses to be completely in the dark when it comes to knowing how much is being paid for utilities, mortgage or rent, car payments as well as how much is stowed away in savings. This can be problematic when it comes to acrimonious divorces where information is not shared freely.
Avoid revenge – As we mentioned earlier, it is critical to protect yourself from a vengeful spouse’s spending spree, but it is equally important for you to avoid the temptation to punish a spouse by fighting over every little detail over the course of your divorce.
For more financial guidance during a divorce, an experienced family law attorney can help.