Getting prepared for a divorce requires a lot more than simply placing a call to an attorney. There are many emotional, legal, parental, and financial aspects to consider. A divorce can be especially daunting for mothers who are stay-at-home parents. Concerns regarding present and future income can easily become overwhelming when a parent relies exclusively on their spouse’s income. With proper planning, you can more confidently pursue the next chapter of your life. Here are a few tips to simplify the path ahead and stay on track with your finances.
Open Your Own Bank Account
If you do not currently have a bank account in your name, it is
imperative that you set one up immediately. If you are planning to divorce, it
is crucial that you are financially prepared for any potential fallout after
filing, such as your spouse making it difficult to access funds. Make sure to
begin setting aside some money each month to pay your expenses and attorney
fees.
Keep An Eye on Your Credit Score
Monitoring your credit score is vital for everyone, but even more
so if you are contemplating divorce. The
earlier you begin taking control of your credit, the better position you will
be in. Request a copy of your credit report and review it thoroughly and
periodically. Be sure to promptly dispute any inaccuracies that you discover.
You should also consider opening a credit card in your sole name if you do not
already have one. Start making small purchases on this credit card and pay off
the balance in full each month to help build your credit if prior history is
lacking or non-existent. If you already have a credit card or other debts in
your name, it is easy to accidentally miss payments when going through such a significant
life transition; so be sure to continue to make timely monthly payments to
maintain a good credit score. Setting up automatic minimum monthly payments for
credit card accounts is advised.
Keep Your Financial Documents Organized
Begin sorting your financial documents and make note any missing
information. Anything relating to finances should be collected, even if you
think it may not be relevant. Gather your tax returns, pay stubs, investment
account statements, bank statements, retirement statements, mortgage
statements, and any information relating to debt your household may have. If
you do not have access to certain accounts, or tax returns, your attorney can
assist you by requesting this information from your spouse or your spouse’s attorney.
Create Your Own Email Account
If you share an email with your spouse, or if they have access to
your current email inbox, you should create a new one as soon as possible for
purposes of communicating confidentially with your attorney or other professionals
engaged to assist you in the process. Select a secure password that would not
be easy for anyone, especially your spouse, to guess.
Establish a Secure Place for Mail
In addition to establishing a separate email account, you will
also need a place to securely receive written correspondence. Consider opening
a post office box for sensitive mail to be delivered to that you would not want
your spouse to access.
Create a Budget
Make a list of monthly income and recurring debts and expenses, to
the best of your knowledge. Then, identify what resources you have available
and those expenses that are specific to you so you can realistically prioritize
what need and what is superfluous. You may be surprised to discover that many
expenses you consider essential are not necessary and can easily be cut out. Be
sure to prioritize those services and expenses that you feel are indispensable
for you alone, such as medical care, prescriptions, and insurance. Once you
have a clear picture of your current expenses, you can begin to create a
prospective budget for yourself that you can stick to, both during and
following the divorce.
Determine Your Future Income
In most cases, parties receive certain property in a divorce at or
around the conclusion of the case. Often, each party is awarded a combination
of liquid assets (i.e., cash on deposit in accounts), real property (or sales
proceeds from a marital homestead), as well as tax-deferred assets (i.e.,
retirement accounts). With the assistance of your attorney and a savvy
financial advisor and/or CPA, you need to establish your long-term financial
goals with respect to your marital estate and what you might have available to
you for income and resources, post-divorce. Any temporary support you receive
during the divorce should be viewed as
temporary in nature. You may need to consider
full-time or part-time employment if there are insufficient assets in your marital
estate for your future support. Perhaps you would like to pursue further
education or start a business on your own? Depending on prior work history and
education, you should explore these options proactively. Bottom line – giving
due consideration to your financial future ahead of time will curtail a lot of
undue stress.
The divorce process can be
overwhelming so it is best to work through it at your own pace and be organized
before you file for divorce. Working with an experienced attorney is essential.
Jenkins & Kamin LLP cares about their clients and endeavors to insure that
each client’s case goes as smoothly and favorably as possible.
Jenkins & Kamin LLP is
noted for its “team” approach by pairing skilled attorneys, paralegals and
other support staff to enhance each client’s experience in difficult life
transitions. Jenkins & Kamin, LLP strives to personalize case strategies
for each individual client, including identification of every particular legal
issue and effective explanation of the law with respect to those issues.
The firm endeavors to achieve a resolution that is appropriate for each client,
while aggressively advocating on their behalf when necessary. Having a
dedicated and experienced team working with you in any family law matter is of
utmost importance to achieve the best result possible.
Jenkins & Kamin LLP
represents clients in the following aspects of family law practice: Marital
Property Agreements, Divorce, Complex Property Issues, Child Custody &
Visitation, Child Support, Parentage, Modifications, Family Law Appeals and
Dispute Resolution Alternatives. To learn more about the firm, visit http://www.jenkinskamin.com or contact our office to schedule a
consultation.
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