Divorce is no ordinary breakup, as it is attached to several legal liabilities. You cannot simply annul a marriage by signing a document, because there are a number of obstacles to conquer in-between. You have to think about the future, which can be overwhelming in the middle of your stressful situation. If you don’t know where to begin, just keep calm and hire a good divorce attorney. You may never have imagined reaching a point in life where you are looking for ways to get rid of someone you loved, so it is natural to be emotionally unstable. When one considers divorce, he/she needs to pay utmost attention to their economic situation. Divorce Law Attorney in Hollywood, FL suggests a few ways to manage your finances and protect yourself in the aftermath of filing a divorce:
Document all Assets and Income
You must have a clear idea of your spouse’s and your own financial standing prior to filing the divorce. Track all the joint and individual assets to make sure that everything is distributed fairly. Take into account any debt or loans accredited under your names. Couples who opt for prenuptial agreements experience far less trouble in property management. If you and your spouse both earn monthly salaries, then gather proof of it (copies of bank statements, wage slips, etc.). Document any secondary sources of revenue as well.
Take care of Joint Credit/Bank Accounts
Some people attempt to empty all joint bank accounts when they discover that their spouse wants to split. Therefore, it is better to take what is yours in advance; transfer half of the money to your personal account to avoid future conflicts. It is common of married partners to share their credit purchases, but divorce requires you to put an end to that option. Pay off and close all credit accounts before filing the divorce, so that you or your spouse is not held responsible for unanticipated debt.
Don’t Abandon your Home
The decision to stay in or move out of your current home needs to be settled beforehand. Divorce lawyer recommend their clients to stay until the procedure reaches the final stage. Leaving home can go against your interests, as your spouse may gain greater control over the property. However, the matter may not be negotiable for someone who feels threatened by their ex; for example, victims of domestic abuse are better off living separately. If you cannot continue living under the same roof as your spouse, talk to your lawyer about it; he/she may come up with a strategy that grants you temporary possession, i.e. your ex will have to move out. Keep paying your share of the mortgage and maintain evidence of your contribution.
Figure out your Individual Expenses
Your lifestyle is likely to change post-divorce, as there shall be a prominent shift in income. Estimate your expenses as an independent person and prepare a budget. This will help you avoid overspending and making sound financial decisions in the future. Knowing your individual needs will also aid in acquiring a beneficial court settlement.
Exercise Control over your Emotions
Divorce is a tiresome process that gives rise to mixed emotions down the road. You may get excessively upset or angry at times and lash out. Unfortunately, whatever you say and do could be used against you in court, even if it wasn’t intentional. You need to appear as civilized as you can be; try to focus on the positives and repel all negative energy.