Law Office of Kevin L. Beard, P.A.

Advice to prevent a post-divorce financial meltdown

The divorce process is meant to treat both spouses fairly. However, many people come out of divorce financially ruined. Women, it seems, are especially at risk of suffering a post-divorce financial meltdown. To prevent such an end result in your case, be sure to review the following pieces of advice which will help you manage the financial aspects of your divorce more successfully.

List all of your assets and possessions. The first thing you need to do is determine exactly what you and your spouse own. Make a list, and don't worry too much about whether the items are part of your marital estate or not. You won't be able to look at your assets and possessions objectively to determine who gets what until you know exactly what they include.

Stay transparent with all your financial transactions. The more honest and transparent with your financial dealings you can be, the better you'll fair during your divorce process. If it appears that your spouse is doing something untoward financially, like hiding assets, charging lots of money on a credit card, etc., don't do the same. The court will reward your honesty by punishing a dishonest spouse who tries to hide money or makes exorbitant charges on credit cards leading up to the divorce filing.

Don't get taken advantage of during asset division proceedings in your divorce. You have inalienable marital property rights by virtue of your marriage contract and state family law. The more you know about these rights, the more capable you will be of protecting and defending them during your divorce proceedings.

Source: Experian, "Top 7 Financial Tips When Facing Divorce," accessed Feb. 16, 2018

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