Four Financially Sound Divorce Tips

Posted on: 28 October 2015

Divorce is an unfortunate fact of life today, as 50 percent of marriages nationwide end with couples legally splitting up. If your marriage seems as though it is about to end with a divorce, you need to work on personal healing and parenting strategies but should also find some ways to protect your money and business interests during the split. With this in mind, consider these four points as you go through with the divorce process. 

#1: Set Up Another Bank Account

If you have even an inkling that you might be headed toward a divorce, you should consider opening up another savings or checking account. This will help you manage your own expenses, in addition to making sure that money isn't a hindrance as you hire a divorce attorney. If you have a safe or safe deposit box, you should also set aside some cash. 

#2: Consider Going Through Mediation

Simply put, the more compromises you can make, the cleaner and more fair you divorce will be on all fronts. This will save you money in court fees, as mediation typically ranges between $2,000 to $5,000 total, while going through litigation will cause you and your spouse to each pay about $20,000. You'll also save money on the back end by coming up with compromises that prevent either spouse from being taken advantage of financially.

#3: Speak To An Attorney 

The sooner you talk to your attorney the better when it comes to divorce. You will be able to get a consultation for your particular situation, so that you're able to understand how your marriage will end and what rights you have. This is crucially important, because every state has different laws for splitting your marriage and you will need to keep yourself abreast of those laws. 

#4: Close Any Joint Credit Accounts

If you feel like your divorce proceedings can turn ugly, you definitely need to make sure that you close out any credit cards or other bank accounts that you have immediately. The reason for that is because your spouse can begin charging the card out of spite, knowing that the two of you will both be on the hook for it. Be sure that you close any joint account and make your spouse aware, in order to avoid any sort of confusion. 

Exercising these four tips will protect your bottom line during the divorce process, so use them wisely. Contact legal professionals like Finocchio & English for more help.