It’s very difficult ending a long-term relationship and even more when doing so will put a toll on your finances. This is particularly true for stay-at-home moms who are financially dependent on their spouses. Divorce can be a costly process, particularly when children are involved. But there are ways to alleviate these financial burdens and strategically plan a successful divorce with the help of a Salt Lake City divorce attorney.
You can open an account in your name and save some money. You will eventually tell your ex but remember this money can help you pay for your divorce. It’s also helpful to apply for your own credit cards. It will help you establish your credit and help you find financial stability after all joint accounts are canceled. If you need some cash now, you can always borrow money from trusted sources.
Keep copies of your taxes, wills, financial statements, loan applications, insurance, car registration, etc. Even if you are not sure about getting a divorce, have these documents ready. Keeping an eye on your finances may help you get a good settlement. Keep a copy of all records of separate property, including gifts and inheritance. This belongs to you but you must prove is yours.
Don’t relinquish your right to spousal support even when you think you don’t deserve it. If you waived your rights, you won’t be able to get them back. Instead of receiving monthly payments consider receiving a lump sum. Remember those monthly payments may never make it to your bank account. Avoid child support fights as it can get very costly. Tell your attorney you will rather follow the local guidelines.
Think about the stuff that you really want to keep. Don’t become greedy. It may be nice to keep your home but it’ll also cost you to maintain it. Think within your budget. Think about your degrees and their value and don’t forget assets such as vacation, flyer miles, subscriptions to magazines, timeshares, and insurances as they also have a value that can be shared between both spouses.
A Salt Lake City divorce attorney can make the whole divorce process easier and less conflicting. Pay your divorce with your own money. Don’t use money from your business as these fees are not tax-deductible. To learn more about ways to navigate your divorce with ease, contact us today and schedule your initial case evaluation.