If you're considering a divorce, it's important to take some time to financially prepare before you actually file. Many people underestimate the financial repercussions of a divorce filing, which leaves them struggling to sort things out after the fact. Some proactive steps can help you avoid this type of mess, as can the support of a skilled divorce attorney. Here are a few things that you should consider to protect your financial interests before you file those papers.
Consider The Cost Factors
Divorce proceedings can vary significantly in cost from a few hundred dollars in filing fees and a single attorney consultation to several thousands of dollars in attorney fees, court costs, and more. If you and your ex are able to negotiate everything yourselves, you may not have to pay as much in your final settlement. However, you may have more costs associated with your case if you have many investments, properties or children involved. You might even need to hire a forensic accountant if you're concerned about the potential for hidden accounts or other issues.
Your divorce attorney can help you get an idea of what your divorce is likely to cost you. He or she will go over all of the details with you and even help you understand how you can protect your own personal accounts and assets.
Build a New Budget
A common pitfall among those going through a divorce is the failure to budget early in the process. Whenever you split a two-income household, each individual is going to have to take stock of their finances. Take time to evaluate what money you have coming in, what your current expenses are and what expenses you anticipate coming up when you separate. This process can be particularly difficult if you weren't the one handling the household accounts.,
Consider not only your rent or mortgage cost, but also utilities, insurance policies, individual credit card payments and any alimony or child support you may expect to pay. Your attorney can help you estimate figures like these if you're not sure. The more you can include in your budget now, the less financial shock you'll face if something is awarded during the final settlement hearings.
The financial aspect of a divorce can be tough to grasp when you don't know what's ahead. With these tips, you'll be able to prepare yourself financially and potentially avoid some of the cash flow struggles that can plague many new divorcees. For more information , talk to a lawyer like Keith A. Hopson.
