Though going through a divorce is an incredibly emotional time for many, there are many other considerations that must be made during these times. Not only is this a legal matter, but it’s a financial process as well. As such, it’s essential to understand the financial decisions you must make when going through a divorce. There are many implications that can impact your financial future, so ensuring you consult with a Monroe, Louisiana divorce lawyer can help you protect your finances. The following blog explores what you must know about these circumstances.
What Financial Decisions Do I Need to Make When Divorcing?
There are a number of financial decisions you’ll need to make during a divorce, as this can impact your property, bank accounts, and income.
Generally, the first decision you must make surrounds how you and your spouse will divide your marital property. Lousiana is a community property state, meaning any assets obtained during the course of the marriage are subject to equal distribution during the divorce. Essentially, if you and your spouse cannot come to an agreement on how to divide this property, Louisiana will split it evenly among spouses regardless of their contributions to the marriage.
Next, you’ll want to take an inventory of your own finances and separate assets. This is important, as it can help you better prepare for your financial situation following the divorce. This is also important because you may only have joint accounts with your spouse. If this is the case, you should open your own bank account and credit cards as soon as possible after considering your financial institution options. Additionally, if you are financially dependent on your spouse, you may be unable to qualify for credit cards following the divorce, making it even more imperative to apply as soon as possible.
Finally, you’ll need to decide whether or not you’ll request alimony from your spouse. If you are financially dependent, this would be a good idea as it can help supplement your income until you can support yourself. In the event that you have children, you can also request child support for your little one until they turn 18.
How Can an Attorney Help Me During These Times?
As you can see, there are many considerations and decisions that must be made during these difficult times. That’s why it’s in your best interest to enlist the help of an attorney to guide you through this process. Unfortunately, these decisions can impact your life for years to come, so they should not be taken lightly.
At Breithaupt, DuBos, & Wolleson, we understand how complicated these matters can be. That’s why our team is committed to handling these complex legal and financial matters so you can focus on healing during this emotional time. If you’re considering a divorce or were recently served, contact us today to learn how we can help you through these challenging times.