It is no secret that divorce can be stressful. In fact, divorce is considered one of the most stressful life events you can undergo. Although you can't escape all of the stress of divorce, you can properly prepare yourself financially to help make the process smoother. Here are a couple things that you should do to have your finances in order so that at the very least, you don't have stress about money throughout the divorce.
1. Open A Separate Personal Bank Account
If you can see that divorce may be in the future you need to be sure that you have personal resources to care for yourself if the marriage begins to dissolve. Many couples choose to use joint accounts with both spouses name on the account. Although this may be great for a happily married couple, if you and your spouse consider splitting up, your spouse could use money as a way to punish you and make it hard to get what you need. They could potentially drain all of your accounts or make it very hard for you to get the money that you need. This is why it is best to prepare ahead of time and have money saved for yourself.
2. Save Money For The Legal Costs
Second, you need to be sure that you are saving money for the legal fees of a divorce. Divorce can be incredibly expensive, and when you first meet with an attorney they are probably going to ask for a retainer fee. This is fee will be put in a separate account that they can draw on as they do work on your case. You don't want to have to delay your divorce because you can't pay an attorney.
3. Get Out of As Much Debt As Possible
Lastly, you need to be aware that debt can play a big role in your divorce. Just as the assets and estate will be divided, so will your debt. Your car payments, credit cards, and even home mortgage will be divided among you. The problem is that in most cases both partners' names are on the debt. This means that you will still be held accountable for what your spouse does. If they fall behind on credit card payments then it could damage your credit score. This is why it is better to get rid of as much debt as possible so that you have no more financial ties to together.
By doing these simple things, you can be better financially prepared for your divorce. For further assistance, contact a local lawyer, such as Mira Staggers White.