It’s no secret that divorce is a tumultuous time for many. In addition to the overwhelming emotions you are likely feeling, there are also several financial factors that can cause further stress. However, there are steps you can take to make the process more manageable, starting with protecting your finances. When going through a divorce, doing what you can to save money and contacting a Monroe, Louisiana divorce lawyer is vital to making the transition into your new life much smoother. The following are some of the best ways to protect your finances during the split.
Create Your Own Accounts When Divorce Is Inevitable
Though you may have always shared joint accounts with your spouse, ensuring you open your own accounts as soon as you know you are going to divorce is crucial.
If you and your spouse share bank accounts or credit cards, ensuring that you have access to money during your divorce is essential. The last thing you want is for your spouse to freeze the account or lock you out without your knowledge, limiting your access to funds. Similarly, it allows you to build up your own credit score should you apply for a car loan or mortgage after your divorce.
Keep Everything Organized
When getting divorced, ensuring you do what you can to save money is vital. One of the most essential things you should consider getting all your documents organized and in order for easy and immediate access. Unfortunately, a good lawyer is not cheap, and many charge for the hour. This means if you’re spending the majority of your meeting time searching for documents, you could be wasting your own time and money.
Instead, get all your documents, like bank account statements, tax returns, property and business valuations, retirement account information, and loan records, organized in a folder. This reduces the need for multiple meetings, as you’ll have everything you need when you need it.
Don’t Get Sentimental
While divorce is challenging for many, doing what you can to stay objective is crucial. For example, your spouse may offer to give up the house in exchange for retirement benefits. While this may seem like a great idea as you remain in the family home, it can actually hurt you. This is because your spouse could end up with liquid assets, which are much easier to convert to cash.
Hire the Divorce Right Attorney
Finally, the most essential way to save money is to hire a good attorney. Though this may seem counterintuitive, as an attorney can be expensive, hiring the right attorney can save you money in the future. If you try to “DIY” the divorce on your own, you can lose money in the long wrong, as you may not know how to navigate the process. A competent divorce attorney, however, can help save you tens of thousands of dollars in assets and funds during your divorce.
When you’re going through a divorce, Breithaupt, DuBos, & Wolleson is here to help. Our dedicated legal firm can help you protect your hard-earned money during this troubling period in your life. Contact us today to learn how we can help you.