Surviving the Financial Fallout From Divorce

Divorce is rough on everyone’s finances, and if you ask your friends, or worse, the Internet, what you should do to protect your financial interests during divorce, the advice you get ranges from short-sighted to “too little too late” to downright vindictive.  As any judge will tell you, divorce is not about ruining your ex-spouse’s finances; even if the emotional wounds of your broken marriage never heal, you will eventually find a financial new normal.  Financial well being depends on your actions from the earliest stages of your marriage until you file for divorce or receive a divorce petition from your spouse.  Thinking about the long-term can help you weather the lean times and avoid making them worse.  For help figuring out how you will manage financially during and after your divorce, contact a Boca Raton divorce lawyer.

Being Informed and Transparent About Your Finances Makes for a More Stable Marriage or an Easier Divorce

There is a reason that family law attorneys advise everyone, no matter how starry-eyed in love and no matter how broke and unmaterialistic, to sign a prenuptial agreement before they get married.  The more transparent you and your spouse are about your finances before and during your marriage, the easier it will be to resolve financial conflicts.  Keeping some of your money in separate bank accounts, especially if you have held those accounts since before the marriage, is also a good idea, whether you and your spouse stay together forever or eventually separate.

Of course, financial transparency is a two-way street.  If your spouse is dishonest or irresponsible about finances, it is a good idea to keep some of your money in a separate account, even if you have no plans to leave your marriage.

Make Reasonable Requests in Your Divorce Petition and Be Prepared to Negotiate

Hyperbole, wishful thinking, and brinksmanship are bad strategies for divorce.  When you draft your divorce petition, think about what your spouse needs and wants as much as you think about what you need and want.  You can’t deprive your spouse of all of his or her money and parenting time, even though your spouse treated you terribly.  If your spouse were bad enough to warrant loss of parenting time and money, the criminal court would know about it.

Failing to Hire a Divorce Lawyer Is a Financial Mistake

You might think that you cannot afford to hire a divorce lawyer, but unless your marriage was brief and you and your spouse have few financial entanglements, you cannot afford not to hire one.  If you are not in the workforce, then paying your legal fees will be something to work out in mediation, or even at trial.  Couples who represent themselves in divorce cases instead of hiring lawyers are more likely to end up back in court because of ambiguities in their marital settlement agreements and parenting plans.

Contact Schwartz | White About Financial Survival During Divorce

A South Florida family law attorney can provide legal representation in your divorce case, even if you think you can’t afford it.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

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