How to prepare finances for a divorce

On Behalf of | Dec 2, 2020 | Divorce

Obviously, virtually no couple ever ties the knot with the intent of one day ending the marriage. However, some spouses in Virginia may eventually find their differences irreconcilable, so divorce becomes the best course of action. Divorce is notoriously expensive, so those who find themselves headed for a marital breakup should prepare their finances for the road ahead. Here are a few ways to do just that.

Begin keeping track of expenses and income as soon as it becomes evident that divorce is inevitable. Include things like household bills, home maintenance, child care, food, transportation, clothing and anything else that money is spent on. This will be a tremendous help when it comes time to build a post-divorce budget. Having a record of finances will also be helpful when it comes to decisions regarding spousal or child support, as well as the division of assets and debts.

Separating joint finances can get complicated, with much of the process dependent on state-specific laws. Dipping into accounts or assets more than usual in the weeks preceding the divorce could be detrimental. It is recommended to be transparent with the other party regarding all financial matters. If an individual does not have money set aside for hiring an attorney or other related expenses, it can be helpful to try to come to an agreement with the spouse about each party spending a comparable, yet conservative, amount. If there is conflict within the relationship, it may be necessary to seek a court order to dictate how both parties will use joint funds until the divorce is finalized.

The most important piece of advice for those heading for a breakup is to seek professional assistance. Every divorce is different, so specific advice can only come from experts familiar with the individual’s unique case. Whether the divorce is amicable or wrought with conflict, an experienced lawyer can help those in Virginia sort through their marital breakup and offer financial protection along the way.