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3 Things You Can Do To Be Prepared Financially For A Divorce

23 January 2016

Judy Alexander

Everyone knows that a divorce can be incredibly stressful for both partners. Even if the divorce is the best thing for your marriage and for your personal life, it doesn't mean that it isn't hard. This is why it is important that you are prepared as possible for the divorce. Here are a couple things you need to know.

1. Get Out Of As Much Debt as Possible

When most people think about dividing an estate during a divorce they usually think of dividing all the assets and property. This is a big part of the divorce, but it is not the only part. In addition, you will need to divide all the debt that the two of you have together. This means car payments, credit card bills and so forth.

Sharing debt after your divorce can be very difficult. Consider the example where a wife is responsible for the payments of a credit card and then fails to do so after the divorce. The husbands name is still on the card and so he is affected by her not making the payment. His name could go to a debt collector and it could harm his credit score. This is why it is better to get out of your debt as much as possible before you divorce.

2. Start A Personal Bank Account

Second, you should be setting aside money in your name only before you divorce. Many couples have their bank accounts in both names and so once the divorce process starts they are at their spouse's mercy to get the money they need. Your spouse could drain your accounts or could make it hard for you to get money. This is why it is better if you can start putting aside money to pay for legal fees and living expenses when you start the divorce process.

3. Reveal All Assets Before The Divorce

As you get ready for the divorce you might think it is best if you can keep some of your private or personal assets and accounts to yourself. However, this can be very dangerous. If the court finds out that you have been hiding wealth acquired while you were still married you could be in big trouble. This is why you should at least tell your lawyer about all of your assets as you begin the process. They can help you know what needs to be included in the divorce.

By preparing yourself financially you can make the divorce less stressful. To learn more, contact a family law firm like Gearing Rackner Engel And McGrath LLP. 

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