If you’re getting a divorce and if you’re like most people, you could be feeling a little apprehensive about your finances. Perhaps that’s even an understatement! While each divorcing couple’s financial situation is different, most couples need to pay attention to the same types of financial issues.
As divorce attorneys who care about our clients’ success, we understand the importance of making wise financial decisions during the divorce process. After all, nobody wants divorce to ruin their credit or siphon their disposable dollars at the end of the month. As you go down the divorce path, heed this financial advice:
- Educate yourself on your rights and responsibilities in regards to spousal support and child support (where applicable).
- If you have a lot of marital debt, you may want to consider your bankruptcy options. Otherwise, be aware that you could be “on the hook” for the debt for years after the divorce.
- If you’re unemployed right now, you may need to focus on getting a job asap, even if you expect spousal or child support.
- Create a post-divorce budget today. This way, you know what to expect.
- Will you need to increase your income? If so, start making a plan of action asap. Consider: promotion opportunities, job training, going back to school, or even starting a small business.
- If you have joint debts (e.g. auto loans, mortgages, and credit cards), close the joint accounts or put them in one spouse’s name alone.
- Run a copy of your credit report so you know exactly what you owe and to whom. If possible, run your spouse’s credit too.
- If you’re concerned about your monthly budget as a single person, look for ways to increase income while cutting back on expenses.
- Think: “Can I afford to keep the house?” If not, should you sell it and split the proceeds with your soon-to-be ex?
We sincerely hope this information helps. If you have further questions about making financial decisions during a divorce, don’t hesitate to contact our firm to speak with a Pennsylvania no-fault divorce attorney!