Financial uncertainty is the top reason for stress and tension in the course of divorce. Most people are afraid of the effect of divorce outcomes on their financial situation. Especially, those who are not breadwinners of the family face the fear that they are to be left with no assets and low chances to get a good job to earn for a living.
This is the reason to get financially educated before you search for divorce documents online. It doesn’t mean some years of studying own financial situation. But thorough research on local law and regulations and cooperation with a professional financial advisor will be a good thing to get prepared for a divorce. This will allow you to realize what financial ground you are standing on and your possible chances for the divorce outcomes.
Are You Ready for Divorce Financially?
Divorce process is not just a couple of signatures on the divorce forms, but a complicated money-consuming process with significant changes to your life in the end. So, you have to consider all the details of the divorce procedure and its results to understand your financial and physical readiness for such a vital step.
Calculate all your mutual assets with a specialist so that you can predict their division and possible financial situation after the divorce. Consider the taxes on the assets, you will receive and debts you will still have to pay off after the divorce.
If you hope to receive spousal maintenance and child support to cover your living expenses, get the legal consultation on conditions and possible outcomes. Most dates take into account the duration of marriage when deciding whether to assign a spousal support to the partner who exits the marriage with the worse financial situation. Ten years is usually the turning point to approve the spousal maintenance. So, desiring to file for divorce on the eighth or ninth year of marriage, consider postponing it or a couple of years to get the wished outcomes.
Before making any crucial decisions, you have to realize whether you are prepared for the consequences financially and physically or not. Analyze all the details, get professional advice and get prepared thoroughly.
Will You Rely on Your Ex?
Even if you get the best online divorce or highly professional divorce attorney to lead you through the process, beneficial outcomes will never guarantee a cloudless life. Due to this, it is vital to have someone to back you up and save in unexpected situations.
This is also significant when you are the parent to live with children. Getting children support will not grant you financial security. With life-changing situations and growing children, the expenses may vary and exceed the child support significantly. And if you make it hard to bring the ends together and supply yourself and your children with all needed, you certainly need your ex’s hand of help from time to time. That is why an amicable divorce is strongly recommended in such a situation.
Having no luck to boast about your financial security, get assured that you will have someone to support you physically and financially in all the emergencies or consider postponing the divorce to improve your financial situation beforehand.
Work on Your Credit Situation
Your financial reputation and possibilities rely greatly on your credit report and credit score. So, if you have no credit history or a poor one, mind fixing the situation before filling out any online divorce form or a paper one.
Close all the joint accounts or remove your name from joint credit cards as soon as possible far before the divorce. Either positive or negative, your spouse’s credit reputation will have an impact on your own one until you are bound in any bank agreements. You’d better create all possible personal accounts and cards, make some purchases every month and pay them off to the end of the month. You can also get, for example, an auto loan, you are able to cover by yourself, and pay it off without late payments and any violations.
This way, bit by bit, you will build on your credit secureness and get better credit possibilities to save your soul in difficult moments of the divorced life.
Consider Legal Separation First
It often happens, that your financial status lets you cover neither divorce process expenses nor divorced life ones, still you need to get apart from your partner. The reasons may vary from domestic violence up to psychological incompatibility. Yet, you and any other family members shouldn’t suffer just because you do not have money to get divorced.
In such a situation, legal separation is the best solution. It will allow you to keep your partner away from you so that you can work on the financial situation to proceed with the divorce itself. Even more, you will get social support and benefits to help you out the situation.
All in all, you’d better get a professional advisor to assess your real chances for the divorce process and life afterward and come up with the best appropriate solution for your case.
Author’s bio
Anna Penhill is a blog writer and marketing consultant. Currently, she is running a writing blog at https://pro-papers.com, so curating content management is also became a large part of my responsibilities. Examples of her articles can be found in such magazines, as bebee.com, thriveglobal.com, selfishmother.com. As a former couple’s counselor, she enjoys writing on various divorce-related topics; however, those covering interpersonal relationships are her favorite ones.