Managing divorce finances is one of the toughest tasks when you are getting a divorce. A divorce can affect your life not only emotionally, but also financially to a great extent. That should be reason enough for men to stay away from divorce, but sadly that is not true. When it comes to money, it is the men who are affected the most by a divorce. In a divorce, the laws are all in favor of the women getting the money. So how can you protect yourself from unnecessary money exchanges?
Immediate Steps to Take Once You File for a Divorce
The minute you know your marriage is ending, you should take some steps to protect yourself from unwanted expenses. The first step is to take control of your credits cards and banking accounts. So, if you have a joint credit card, or checking accounts, cancel them so that at least you can have some control over daily expenses. If you have accounts opened for pension and retirement benefits, be sure to close them too. For half of it will rightfully be given to your ex-spouse. You can stop these payments and resume them once the divorce is settled. Think about tax consequences and plan accordingly with your lawyer: who will get the benefit of claims for child support etc. If you choose alimony over child support then you need not pay taxes.
Once you have both decided for a divorce, trying to settle the divorce amicably is wise not only from an emotional aspect, but also a smart move financially. If you are getting an uncontested divorce, you can talk with your ex to split the legal cost. In fact, a collaborative divorce is an ideal way of getting a divorce as all matters are settled out of court. It is also good to get all your assets evaluated, so that it can be divided equally out of court. But once it reaches the court, how it will be divided depends on many variables and is out of your hands.
Considering the Legal Assistance
In any divorce case, mediation is good, unless spouses are extremely good natured and amicable to each other, which then belies their current situation. Lawyers are these mediators who can help each partner save what is rightfully theirs and help them protect their interest in this emotional war. When you choose a lawyer, be sure to choose an attorney specialized in divorce cases. Some lawyers charge an initial consultation fee and some don’t. Choose a well-experienced lawyer, so that even if you spend money on your attorney, a good lawyer will redeem it back for you.
