Five Ways to Protect Your Finances in a Divorce
Divorce is rarely cheap, but fathers often have to bear the brunt of the cost as they make alimony and child support payments and sometimes even pay for their spouse’s attorney. Making things worse, fathers are often the ones who move out of the house during divorce, meaning they may have to go through the divorce process without seeing their children regularly.
Although some financial difficulties of divorce are hard to avoid, there are certain steps that experts recommend that could help you manage your finances more easily. If you can implement any of these, you may just be able to make your divorce your doable.
Know Your Full Financial Picture
Although some couples feel painfully aware of how little they have, others may not be fully cognizant of their total financial picture. This is a mistake because you cannot fight for your fair share of marital assets if you are not sure what they are. You should know the balances of any savings accounts, retirement accounts, or credit card bills, as well as whether any tax refund is likely in the upcoming year. If you have a prenuptial agreement detailing your property in a divorce, review it now.
Open Your Own Checking Account
While some states require spouses to divide their income and possessions all the way up until the divorce is finalized, others allow spouses to claim exclusive ownership over their own earnings once they file for divorce. Start separating your finances so your spouse cannot withdraw everything you own. Your attorney may advise you to put half of your shared money into your private account. However, speak with an attorney before doing this, and be sure you are fully transparent with both your spouse and your legal team.
Save if You Can
Saving may feel impossible during divorce, but most people have places where they can cut down their expenses, even if it is only a little and only temporarily. You may need to cancel or pause subscription services, stop meeting your friends for drinks once a week, or cut down gym time. While each expense may not seem like much, even $50 or $100 a month can give you a necessary chunk in savings over several months.
Do Not Try to Hide Money
Some men try to hide money during their divorce in an effort to make sure they have a little left over once the process is finished. While the motivation behind this may be understandable, doing so is both unethical and illegal and can backfire dangerously. Hiding money from your spouse during the divorce may put you at risk of being held in contempt of court and losing the money anyway. Play it safe and be honest.
Hire a Local Father’s Rights Divorce Lawyer
You may want to save money by not having a lawyer, but this often ends up costing people more than they save. Having someone in your corner to fight for your rights and to give you honest expectations can make a big difference in the outcome of your divorce - especially if your spouse has an attorney. Divorce has a reputation for being destructive to a father’s finances, but you can make it if you act carefully and have the help of an experienced father’s rights attorney. Call a nearby divorce lawyer today to get more details about your case and make sure your rights are protected.
Source:
https://money.usnews.com/money/personal-finance/family-finance/slideshows/steps-to-protect-your-money-in-divorce
