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Financial Dos and Do Nots of Divorce

Posted on in Divorce

Oakland County divorce lawyersDivorce can change many aspects of your life, including your finances. Without a second income to depend on anymore, your entire financial situation may look different once your divorce is finalized. However, if you enlist the help of a Michigan divorce lawyer and financial advisor, you can get control of your finances.

Things to Do and Not to Do

There is no question that divorce can be extremely difficult. Things get much harder, however, when you are feeling like you do not have control of your finances. The good news is that with a little organization, you can easily put yourself in a much better position--and probably much more quickly than you might have thought possible. 

Here are a few financial do’s and don’ts of divorce to consider.

  • Do create a new budget. As mentioned before, you will not have two incomes to rely on after your divorce. Therefore, you may need to make some changes to your current budget. Make a list of your expenses and determine what you can realistically cut out. For instance, instead of going out to a restaurant on your lunch break at work, bring your own lunch. 
  • Do not keep the family home if you cannot afford it. It is understandable that you may want to remain in your family home, especially if you have children. Staying in your house may provide comfort and stability for both you and your kids. However, if you cannot afford the mortgage, insurance and taxes on your own, keeping the family home is a bad idea. It is a wiser financial move to live in a smaller place that will not break the bank.
  • Do close joint accounts. If you have joint financial accounts with your ex, you should close them at your earliest convenience. If you do not close these accounts and your ex makes charges on them, you will be responsible for paying them.
  • Do not hide assets. A big mistake some divorcing couples make is failing to disclose all of their assets. Even if you do not think your ex deserves a certain asset, you need to tell your Michigan divorce lawyer about it. Otherwise, the court may penalize you.
  • Do learn new job skills. If your ex was the breadwinner in your marriage while you stayed at home, now is the time to gain job skills. Consider taking college courses or learning a trade. With good job skills, you will be able to financially support yourself after your divorce.

Contact a Novi, MI Divorce Lawyer

If you have additional questions about the financial impact of divorce, the divorce lawyers at Elkouri Heath, PLC are more than happy to help. We understand how much financial stress a divorce can cause and want to offer our expertise. Schedule a consultation with our Oakland County divorce lawyers by calling 248-344-9700.

 

Source:

https://money.usnews.com/money/personal-finance/family-finance/articles/financial-steps-to-take-before-during-and-after-your-divorce

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