This means both spouses have an interest in the property. If you purchased the home during marriage, it is presumed community property. The last thing that you want after going through a divorce is to lose your family home because you are unable to maintain it. However, if you do wish to stay, you need to know if you can afford it. Not all divorcing women want to stay in their marital homes after the divorce. So, it is a good idea to know where you stand and, if necessary, find ways to improve it. Finding housing and making large purchases are a lot easier if you have good credit. If you were not the spouse in charge of finances, checking your credit report can also reveal any debt that needs to be addressed during the dissolution.Īdditionally, as you move to financial independence, knowing your credit score is essential. Check Your Credit ReportĬhecking your credit report helps you get an idea of where your credit stands. If your spouse is not forthcoming, having copies of your shared accounts will help potentially avoid expensive discovery requests and protect your interests. You will need these documents during your divorce proceedings so you can make informed decisions and potentially present them to the court at a trial, so you should be ready to provide them. Some of the documents you should have on hand include: If you are living with your spouse during your divorce, you might want to keep copies with a friend or family member you trust. Also, it’s best to keep them in a safe place. You need copies of all of your financial documents, and it is a good idea to gather them as quickly as possible. If you need help with your personal finances, you might want to speak to a financial planner. Breaking down everything you need to pay helps you determine how much you need to make each month and exactly what you can afford. You also need to determine how you will make payments that are due quarterly and yearly, like taxes. You need to be sure to include payments for housing, auto expenses, utilities, food, gas, phone, entertainment, clothing, medicine, childcare costs, and any other monthly expenses. Create a BudgetĬreating a budget is essential when you are starting a new, post-divorce life. Being prepared helps you protect yourself and your future. If you are already financially independent, you still need to understand how your financial situation may change after your divorce. If this is your situation, it is essential to give thought to how you will care for yourself financially after your divorce settlement. In the United States, men are the primary breadwinners in roughly two-thirds of all married, hetero couples. To start, you need to assess where you will be financially after your divorce. Proper preparation can make a huge difference in your quality of life. Preparing financially for your divorce is critical. You should consult with an experienced divorce attorney about your case. It is important to understand, divorce and family law is very fact intensive and even the smallest fact can change your case and how the law is applied to it. Of course, the information provided in this article is general and not specific to any case. Let our divorce advice guide help you through the divorce process and beyond. That’s why we’ve got divorce advice for your finances, parenting, self-care, and legal issues. Once you are ready yourself, you can make the most of the situation. No matter what your situation is, you need to prepare yourself mentally, financially, and emotionally for your road ahead. The effect of your divorce also differs based on the length of time you were married, how many marital assets you share, and whether or not you have children. However, today it all depends on how dependent each spouse is on the other. The reason for this is that in the past, more women worked in the home, while men provided the family with their sole or main income source. Historically, divorce has been different for women than for men.
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