Handling The Finances During A Divorce

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A divorce isn’t something anyone wants when they go into their marriage, but sometimes it happens. It could be for a number of reasons, some upsetting and some simply a human emotion of not being in love anymore. Here are some tips for handling the finances during a divorce.

Create Some Distance Between Your Partner

As much as you may want to talk to your partner, it’s good to create some distance at first between you and your partner.

The reason for this is that regardless of how volatile it is, you need that space to let everything sink in. The reality of breaking up not only affects you, but it has a ripple effect around everyone else. Family and friends are affected that a couple that were a unit together are no longer the same.

That can take a little time, and it’s also good for you as individuals to process the emotions you’re feeling and how you’re going to move forward with the process of a divorce.

Take your time and come back to one another when you both feel it’s time to start the procedures that need doing.

Consult A Lawyer

You want to make sure you have a lawyer for your divorce, even if the split is amicable, and you’re still on good speaking terms with your partner.

When it comes to money, emotions can get heightened, and relationships can become somewhat strained even more, so it’s a good idea to get a lawyer and to set up some initial meetings on a 1-2-1 basis, where you talk through the situation and your requirements.

As an individual, you need to make sure you’re ready to deal with the legalities that might be thrown at you from your partner’s side.

Define Your Assets

Assets are a good thing to determine because everyone has a different amount of assets, whether it’s a business they run, their estate, and any physical commodities like cars, artwork, and jewelry. You can think about having estate liquidators to manage the liquidation of these assets and to make it a little bit easier when it comes to divvying up the finances between the two of you.

Determine Shared Bill Payments

And finally, think about all the bills you pay together and as part of a household.

These should be split fairly in terms of anything you share together. These are things like your utility bills, for example. Personal bills that are outstanding and that are in your name aren’t necessarily going to be the responsibility of your partner, even if you have shared accounts.

Making sure you both receive the amounts you deserve is important, so make sure you’ve got all of these tips noted for when you are handling your own finances for your divorce.

Always get a lawyer because even the most balanced relationships that end can quickly go sour if someone has a change of heart over what they consider as being rightfully theirs. Define those assets and keep your distance, to begin with until you’re ready.

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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