Paying Bills and Handling Your Finances During the Divorce Process

 Posted on April 19, 2019 in Property Division

Bills and other financial obligations do not end just because you are filing for a divorce. In fact, money management is usually more difficult while trying to navigate the divorce process because there are more bills and less money to go around.

Thankfully, there are measures that one can take to improve their financial situation, even while pursuing a divorce. Learn more in the following sections, and discover how our seasoned divorce lawyers can assist.

Track Your Finances and Develop a New Budget

The first step to improving your financial situation is to understand your finances. Start by tracking how and where you spend your money, then determine if any of your expenses can be eliminated or temporarily suspended. Doing this can give you more in the way of liquid assets. It also allows you to develop a new budget so that you can start saving for your new future.

Begin a Savings Account Now

Saving can be difficult, even under normal circumstances, but even a modest savings account can change your financial situation for the better. Start small; put away just a few dollars each time you get paid and then slowly increase it over time. Just keep in mind that anything you save after the separation will generally be excluded from the division of assets in your divorce, so appropriate measures should be taken to ensure your spouse does not gain access to your savings account. For further guidance (and to address any uncertainty regarding whether your savings would be included in the divorce), speak to your divorce attorney.

Advance (or Reestablish) Your Career

Often in marriage, couples work together to ensure that their home and work lives complement each other. For example, one party may pass up an advancement opportunity so that they can spend more time with the children. In turn, the other party may assume more of the family’s financial responsibility. Unfortunately, if the couple then divorces, the one that passed the advancements will typically be at a financial disadvantage once the marriage ends. As such, it is recommended that disadvantaged parties start searching for career advancement opportunities once they decide to divorce.

Know Your Rights and Options

Ideally, a disadvantaged party would have time to advance their career and save money before the separation begins. Things rarely happen this way, however, so it is important for divorcing parties to know their rights and options, going into the process. Some may be eligible for alimony (spousal support) or child support, even before the divorce has been finalized. Additionally, parties may be able to find help through the government (i.e. the Supplemental Nutritional Assistance Program). Your attorney can assist you with some of these measures.

Parties should also determine who will be responsible for the bills before the divorce process starts. For example, you may want to speak with your spouse about things like insurance coverage, your mortgage, and your car loan.

Contact Our DuPage County Divorce Lawyers

If you are planning on filing for divorce and are concerned about your financial future, contact Davi Law Group, LLC. Our seasoned Wheaton divorce lawyers can examine your situation and help you understand your options. No matter what the circumstance, we will fight for the most favorable outcome possible. Call 630-657-5052 and schedule a personal consultation today.

Sources:

https://www.consumercredit.com/financial-education/consumer-resources/how-to-handle-your-finances-and-pay-the-bills-during-a-divorce