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3 ways to protect your finances in preparation for a divorce

On Behalf of | Jan 21, 2022 | divorce

Do not expect to come out of a divorce as well off as you are now. Aside from the costs involved, you must split much of what you own, diminishing your overall wealth.

You cannot control every aspect of a divorce outcome, but you can raise your chances of a positive result by focusing on preparations rather than recriminations. Here are some things to think about:

  1. Separate your accounts and cards

Retaining joint accounts and cards leaves you open to malicious spending by your spouse.

  1. Budget for life during divorce

Find out how much you need for legal fees. It could vary wildly, depending on how much you and your spouse co-operate to conclude your marriage. The less you negotiate, and the more you litigate, the longer it will take and the more you will spend.

Consider where you will live. You might not want to share the same roof now you have decided to separate. If so, who will move out and who will pay for the extra accommodation?

  1. Budget for life post-divorce 

To set targets for property division, you first need to work out several things such as:

  • Your assets and debts and which of them you need to divide and which remain separate property
  • Your respective incomes and your potential to better them
  • How much you will need to live on

Armed with this basic information, you can seek legal help to assess your situation. You need to understand the likelihood of receiving or paying spousal maintenance or child support and the probable amounts. You need to know how a court would distribute assets if you leave it to them. Only then can you try and negotiate with your spouse for the financial arrangements you need from your divorce.