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3 financial considerations in a divorce

On Behalf of | Nov 27, 2023 | Divorce |

If you have never had much of a grip on your finances, then divorce could be a fantastic opportunity to do so. From now on, your money will be all yours to care for.

Understanding your finances past, present and future will be critical to this. Here is how:

1. The past

Think about the assets you and your spouse own and list them all. You need to split them into three groups. Those your spouse owned before the marriage, those you owned before the marriage and those acquired during the marriage.

Anything that one of you owned before marriage will likely stay with them. Anything acquired since marriage will need dividing.

2. The present

You must ensure you have enough to survive while the divorce is ongoing and are able to pay your legal fees. You don’t want to be in a position where your spouse controls all the money, and you need to beg them for some to pay your fares to work or buy food. Beware, some spouses restrict money to try and prevent their spouse from divorcing them.

3. The future

To negotiate or fight for a fair divorce settlement, you need facts. You need to be able to explain why you need a certain amount in a settlement or why you are asking for spousal support. You also need to understand what state laws entitle you to receive from the marital pot.

Getting help to compile and organize and use it to build your divorce case can put you in a stronger position to achieve the future you want.