Tips for Managing Your Finances during a Divorce

Divorces are absolute nightmares for everybody involved. The children are sad, you and your former partner can be heartbroken, there’s all sorts of court battles and decisions to be made. Through it all, it’s easy to get overwhelmed, but some aspects you simply cannot neglect. Finances in a divorce can be very tenuous, so there is no other time when careful financial planning is quite as crucial. Here are a few tips to help your finances in this tough transition.

Ignore Friends and Family
Pretty much everyone will have some advice for you in this difficult time. It’s your job to ignore all of it. Unless you’re paying someone to do your financial planning, they probably don’t know what they’re talking about. Your loved ones will be well meaning, but what worked for them might not necessarily work for you.

Hire Assistance
Even if you have no intention of taking your ex-spouse to court, it’s still a good idea to retain the services of an attorney. The complicated interplay of finances in a divorce is not something that can be easily hashed out except by professionals, and if there is any amount of relationship left, it’s better to leave the negotiation to the lawyer and not between you two. On the other hand, if there is no love lost, then it’s still best to make sure that your interests are well represented. Attorneys who specialize in divorce financial planning can be found anywhere, including Hollywood, FL.

Keep Records
You want to make sure that every financial interaction you have, alone or with your former partner, is documented thoroughly. When determining finances, especially in court, that information will be the difference between you being able to live comfortably and being inadequately compensated. Make sure you keep pay stubs, bank records, receipts, absolutely every record of a financial nature that you possibly can.

Close Any Joint Accounts
If you are having an amiable divorce, you might think that there’s no way that your partner would try to pull a fast one with your joint account, but you just can’t know for sure, and there’s no reason to take the risk. Any accounts that you and your former spouse have together should be frozen and closed out as quickly as possible.