Ways to Avoid Financial Disaster During Divorce

Divorce can take a toll on your finances. Sometimes divorce is inevitable, but there are ways to come out of a divorce with the financial liability being low for both parties. The key to this is to make financial decisions when neither party is angry or emotional which can take some time.

Marital Assets

Both parties should have a good idea of what assets you have as a married couple. If that isn’t the case, now is the time to take stock of what exactly you have together in assets. Sometimes spouses will “hide” money especially if they see divorce is in the future. This is something that needs to come to the forefront and will help in dividing the assets. Don’t move money from any account at this point. When it comes to court proceedings, a judge will look at big withdrawals or moving of money as looking sketchy for the party that moved it.

Work

If you are not employed and are getting divorced you will want to think of getting a job or going back to the career you might have had before getting married. A lot of people want to wait until the divorce is final before looking for a job. This is a crucial mistake because you are missing out on the opportunity to get your own salary and money coming in before all is said and done.

Staying Unemotional

Although this may seem impossible during a divorce, there are some decisions that need to be made without your emotions getting in the way. It might make more sense for you to sell the family home which can be a very difficult decision. Staying in your home because you can’t bear to leave it can lead to financial disaster for you. Keeping up a home on your own, that was once managed by two people can get very expensive. When thinking of the things to keep or give, think more of the financial value of the decision instead of the emotional value.

Getting a divorce is something that most people don’t plan for when starting out their lives. Surviving a divorce and not being ruined financially is a goal you want to attain however difficult and emotionally draining it may be. Contact Carolina Money Minders for more divorce financial assistance.