Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

How can I avoid financial hardship after divorce?

| Mar 16, 2018 | High Asset Divorce |

Divorce is a situation that can make you feel as if the world is ending. While you are grieving your relationship, you should consider how it can break you financially if you are not careful. Divorce in Columbus is not always easy or cheap to resolve. If there are kids, pets and a large amount of wealth and assets, your separation could be an expensive one. 

Disagreements about property division, alimony, custody and child support are the most common reasons divorces tend to drag on. The longer it takes to finalize your separation, the more money you and your partner will pay out in legal fees and other related expenses. NerdWallet states you should plan for the likelihood of conflict during divorce so you can strategize ways to avoid and resolve them. 

Regulate joint accounts and funds 

If you and your spouse have joint accounts, you should discuss the rules of use. It is beneficial for you and your spouse to agree about how the money in those accounts will be used. If you cannot agree or your spouse is uncooperative, you can ask the courts for a legal separation agreement that governs the use of marital funds. 

Learn to budget 

Budgeting is necessary as you become accustomed to living on less income. Reassess your finances and credit profile. Take into account all the expenses you are going to be responsible for after the divorce. You might want to work with a financial planner to help you manage your income along with any alimony, child support and marital assets you might receive in the settlement. 

Plan your divorce and finances carefully to avoid financial hardship. Keep sight of your post-divorce needs to ensure your financial security.