Steps to protect finances when getting a divorce

On Behalf of | Aug 15, 2019 | divorce

For many Louisiana couples, the relationship deteriorates to the point where divorce is the only viable alternative. Regardless of the main reason for the divorce, there are many factors that must be considered as the process moves forward. One concern to address is finances.

Budgeting is important during a marriage and it is vital during a divorce. People who grew accustomed to living with another person and sharing expenses suddenly find that their income and savings do not go as far as they once did. When one spouse oversaw paying bills or was the main breadwinner, this becomes even more crucial. Factors such as finding a home, getting a new car, changing health insurance and car insurance and more will come to the forefront.

It is also key to keep control of the finances during a divorce. Property division is often a matter for dispute. When dividing marital property, it is always preferable to negotiate than to do battle. Taxes will be a major concern, as the divorce will inevitably change the tax brackets and how much a person pays.

Many couples have joint debt. Before divorcing, it is advisable to settle these debts. If this is not possible, this should also be considered during the divorce and negotiated if possible. If the couple have children, the costs of raising them will be a foundational consideration. Finally, documents should be updated. This includes estate plans, powers of attorney, titles to vehicles, credit card authorizations, bank accounts and retirement accounts.

A failure to prepare for the financial future after a divorce is one of the biggest mistakes a person can make. When getting a divorce, this is a fundamental part of the case and should be carefully considered. A law firm that helps people with their divorce from start to finish can assist with every part of the case to achieve a satisfactory resolution.

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