Preparing Financially For a Divorce

Preparing Financially for a Divorce

Posted By Hanson, Gorian, Bradford & Hanich || 7-Dec-2012

Going through a divorce is never an easy process, even if you and your spouse are choosing to separate mutually. When filing for a divorce, there are many issues that the couple must sort through, including property, asset, and debt division; spousal support; and, if children are involved, child custody and support. Due to the many facets of a divorce, hiring a Riverside divorce attorney is crucial to ensuring that your interests are protected in the midst of a separation.

Plan Ahead for Post-Divorce Finances

As with anything in life, planning ahead is a powerful way to prepare for your future and to prevent surprises from catching you off guard. While people rarely suspect that their marriage will end in a divorce, there are many signs that can signal a marriage is coming to a close Whether you and your spouse are planning on being friends after the divorce, or you are having a highly contested dissolution, it is likely that all parties are concerned for their fiscal stability. In the event that you are considering or facing a divorce, preparing for the future financially is one of the most important steps you can take. The following tips can help you start this process on the right foot.

Check Your Credit

Checking your credit report is one of the first steps towards getting your finances in order, especially if you share accounts with your spouse. With a credit report, you will have an up-to-date understanding of where you and your spouse’s assets, debts and liabilities lie and how much. This process will also give you a heads up if any of your spouse’s spending’s has affected your own credit. In this time you may consider opening your own personal credit card in order to start establishing your own strong personal credit. A divorce lawyer can direct you to a trusted financial analyst to help you with your finances. Contact our firm to learn mor about this process.

List and Valuate Your Assets

Next, you will want to make a list of all of your assets and then have them appraised to find out their true value. That way, in the event of a divorce, you and your spouse will be able to divide property more fairly.You will also want to make a plan to prepare for your future finances and your standard of living after the divorce – including any spousal support collection or payments. Though money may be tighter after you have separated from your spouse, you can get through this with careful financial planning.

Plan Ahead for Child Support and Custody Costs

Lastly, if you and your spouse have children, you will also want to determine child custody and any related costs, including child support payments. This can help you determine a situation that is best for you and the children while taking into account any and all necessary costs that will occur after the divorce.

Consult with a Family Law Specialist

Filing for divorce is a complicated process, which is why you are encouraged to have a family attorney at your side along the way. At Hanson, Gorian, Bradford & Hanich we are a skilled group of attorneys who are ready to help you protect your interests during a divorce. Our firm consists of seasoned lawyers, including a certified family law specialist, who can offer you the professional legal service that you truly deserve. We understand how hard this season of life can be. Trust us to represent your needs passionately and aggressively.

We want to help you! Contact us today to get started with a free case evaluation.