Divorce is one of the worst things that a person can go through, especially if they’re leaving their partner on bad terms. The pain from being separated from the person that you thought you were going to spend the rest of your life with can be all-consuming, but you need to stay strong. The financial implications of divorce have the potential to drag you into debt, which is the last thing you need on top of everything else you’re going through. However, it’s not just divorcees that need to worry about divorces. Whether you’re about to go through a divorce, or get married and want to be prepared, just in case, having a read of the considerations below should help you out a great deal.
Prenuptial Agreement
As they always say, prevention is better than a cure, and that is very much the case in marriage too. I’m not saying you should prevent yourself from getting divorced, but rather preventing you from losing money and assets that are rightly yours. Your prenup will disclose any agreements made regarding yours and your spouse’s income and assets. This is particularly helpful if you own a house together, as it will state who can keep the house, or how much money each of you will get from it. You enter into a prenup before you get married, so if you’re about to get married, a prenuptial agreement will ensure you stay financially secure if the worst ever happens.
Mutual Assets
During your marriage, it’s likely that you and your partner accumulated a lot of belongings and assets that belong to both of you, such as a house, a car, a television, or even a pet. If your marriage ended badly, it’s likely that you and your spouse are preparing to battle it out to decide which of you gets what, and how much money you’ll each receive from the divorce. Regardless of whether or not this is the case, it’s always best to think of anything financial that you share, to give you some idea of who should get what. Things such as mutual bank accounts, pensions, and life insurance policies will all need to be shut down and cancelled too. Burying your head in the sand and hoping they will go away on their own is something you shouldn’t do during your divorce. Also, write down a list to make sure you don’t forget anything important.
Children
If you have children, you will want to find a reputable attorney, such as from Strickland, Agner & Associates, because, although you may not want to think of your child as a financial issue, they can become one after a divorce. Taking care of children on your own is a whole lot harder than doing it with a partner. It may mean that you have to reduce your hours at work, or even quit your job, to ensure that you have enough time to care for your children, do housework, and have a life of your own. An attorney can help you to get the child support needed to care for your children, if you are granted custody over them, and ensure that you don’t lose out on too much money.
Hopefully, the advice above will help you to keep out of debt after your divorce, so that you don’t have anything else to worry about during such a traumatic time.
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