If you find yourself being involved in a divorce situation, you will often find it to be an emotionally challenging and financially painful experience. Trying to untangle yourself financially from an emotional involvement with someone you once loved is always going to be difficult and reaching a finance divorce settlement can sometimes be a complex and traumatic scenario to deal with.
Protecting your financial future
A divorce settlement obviously needs to be fair and representative of the assets that a couple have accumulated during their married life together. Recent stories about divorce settlements that have been overturned by the court after the discovery that one partner hid their wealth, are a sobering lesson about the need to approach this difficult challenge in your life in the right way , so that you can move on and also protect your own financial future as best as possible.
Preparing for a divorce
If you have accepted that your relationship is coming to an end a divorce is likely to be on the horizon, it is a smart move to start making some financial contingency plans in preparation for what lies ahead. It’s definitely no picnic, but if you don’t prepare yourself, you could be in pretty serious trouble. Hire an attorney or prepare your plan yourself – either way, just be sure that you have a plan. It would be sensible to try and accumulate some cash if you are able to do so, as you will need some liquid funds to cover the cost of divorce proceedings as well as having enough money to take the first step on your own, such as having enough for a deposit on a new house or for your first rental payment.
Set up a bank account
If you currently have a joint bank account, you will obviously need to cease this arrangement at some point when you agree to go your separate ways and divorce proceedings are under way. You have to exercise caution when it comes to how you handle the finances as how you deal with the joint money which is that bank account at the moment, could be used as a reflection of your behaviour by the court at some point. That is why removing the money and putting it all into an account just in your name would almost certainly not be a smart move. Consider setting up a new account in your own name and start paying your own money into that account whilst either claiming half of what is in the joint account or just carrying on as normal until the time comes to separate your assets.
Get legal advice
Divorce can be a complex legal situation and you should seriously consider getting professional divorce advice as early as possible. They will be able to provide you with sound and sensible advice on all aspects of your divorce such as what to do with your banking arrangements as well as going through your assets with you and discussing what is likely to happen when divorce proceedings get under way.
Gather all your financial records
It will almost certainly save time and money if you prepare in advance for what you are most likely to be asked to provide to a court or a solicitor at some point. This means getting together all of your financial records such as bank statements and other details of your financial assets and liabilities. Protecting yourself in a divorce situation begins with preparing yourself, so try to put aside the emotional trauma if you can and work on coming out of the situation with flying colours. Madison Hewitt has worked as a family therapist for 10 years. From divorce to death she helps people cope and come out the other end of a bad time with a positive attitude. Her articles appear on many different blogs from women’s lifestyle to more specialist subjects.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.