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How Divorce Can Impact Your Finances

More than just where you live changes when you file for divorce. Along with establishing two homes for your children and a fair division of property, you also have to figure out a new financial plan for your future. When a couple is married, their finances are usually shared, with expenses for daily living coming out of a joint account. At divorce, this all changes. Financial independence is a big part of divorce, but it goes beyond just standing on your own two feet. There are significant issues that must be addressed regarding your financial plan, and if something gets overlooked it can be difficult to make a change later.

Tips on things you can do to lessen the financial blow divorce deals, take a look at the following suggestions:

  • If it makes more sense to sell an asset you were awarded in the divorce, so that you can avoid using credit to make ends meet, do so now rather than waiting until it is a necessity. The last thing you want after a divorce is to face financial hardship.
  • Be sure to make changes to important financial and estate planning documents, such as bank accounts and your will or trust.
  • If you have a 401(k) or other retirement account, make sure your divorce case makes provision for removing your spouse as the beneficiary. You should take the same steps regarding your life insurance policy.

In order to make sure you are taken care of financially, don’t settle for less than you deserve in your divorce. While the Court will make an award that is fair, you do have the right to advocate  for your interests. Our team of family law attorneys has experience negotiating fair divorce terms, and can also argue your position to the Court. When you are aware of your rights and responsibilities, adjusting to a new financial position is much less painful.  This includes knowing what to expect by way of child support and/or alimony, whether you are on the receiving end or are the one making the payments. Call us today to learn more.

If you have questions about divorce and money, consult a qualified legal professional. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.