Person calculating finances with calculator

Tips for Maintaining Your Finances During Your Divorce

One thing is for sure, taking financial advice from your friends and family can be catastrophic to your financial landscape moving forward long after your divorce has been finalized.

When you and your spouse choose to engage in the collaborative divorce process, financial professionals are ready to help understand your family’s financials privately, no matter how complex they are.

When we meet with couples, our financial experts often like to share a few thoughts to help couples through the process. Here are a few:

  • Don’t share your financial situation
  • Decide early on what areas are non-negotiable – what can and can’t you compromise on
  • Where can you find common ground – work with that first
  • Provide your financial professional with your entire financial portfolio
  • Close any joint accounts and open separate accounts (but do not close joint accounts without telling your spouse and working out any problems that may arise from closing joint accounts)
  • Do not buy high ticket items during the divorce process – no cars or real estate properties
  • Create a monthly budget now and stick to it early on in the separation
  • Track income and expenses
  • Update any accounts that may have your spouse as a beneficiary or co-applicant (but do not change beneficiaries without telling your spouse and working out any problems that may arise from changing beneficiaries)

While many of these suggestions can be implemented quickly, some will require a financial neutral. A financial neutral will consider all the divisions of assets that would be available to both of you. They will then draft a division plan that includes both of you and help you find a financial agreement that considers both of your needs.

A Better DivorceTM is an interdisciplinary group of professionals committed to non-court, non-confrontational solutions for family law matters.

We provide you with access to qualified professionals who can help you and your spouse make informed decisions about how your financial portfolio will be handled in your divorce agreement. Contact us today!

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.

Posted in Collaborative Practice, Finances.