Divorce is never a cheap endeavor to go through, but that doesn’t mean there aren’t ways to save yourself some trouble when handling your finances. Few divorces are amicable, so it’s safe to assume that you and your spouse aren’t going to want to work together to solve this challenge, but having a skilled Beaverton family law attorney on your side can help simplify the process and end the troubles earlier.
Separate assets
You should determine which assets belong solely to you and which ones will be lumped under the banner of marital assets. Do you have a personal bank account, or a few? If your spouse is not a joint member, this will be considered a personal asset. Additionally, an asset that you owned before the marriage may, or may not, be considered a personal asset. Consult with your Beaverton family law attorney to go over all of your assets so you don’t have any that are solely yours split up as a marital asset.
Monitor income and expenses
Child support, alimony, and other shared expenses should be monitored so that you don’t lose out on money when the judge divides your assets down the road. Having detailed financial records mean that you have better odds of getting back on your feet once the divorce is finalized, which leads us to our next points.
Manage all bank accounts
If you have any joint account, close them immediately and open your own to avoid any more money getting muddied during the process. By opening new accounts, you can begin to reestablish good credit as your score may have lowered when you closed joint accounts. Additionally, make sure to set budgets so that you don’t run through all of your money at once while you get used to a single income versus a two income household, especially if you need to make child support and/or alimony payments.
If you are going through a divorce, it is imperative that you hire a Beaverton family law attorney immediately so that you don’t lose out financially. This guide is a good starting place, but you will need to discuss the details of your divorce, your assets, income, and more with us so that we can properly help and protect your money. Contact us today for more information.