Quite often, people make one of two major mistakes when it
comes to divorce. They either put off the divorce much longer than necessary
due to financial worries, or they jump the gun and forego any type of
significant financial planning. If you’ve made the firm decision the marriage
is over and talked your options through with your Michigan
divorce attorney, you may already know of some of his or her suggestions.
But if you haven’t discussed matters with your law office, at least begin
planning with the following tips and strategies.
Ignoring the fact that you make less money than your spouse is a mistake. Admit it, address it, and plan for it. You shouldn’t feel embarrassed or degraded about taking a financial hit down the road. But if you’re not there, yet, there’s plenty you can do to offset some of the impending negative side effects.
Begin saving as soon as you realize the relationship’s heading for the cliff. Yes, it’s important to try to save the marriage, but it never hurts to prepare early. If things turn around, you can always use the extra money for a second honeymoon or to pay off extra bills for round two.
Take up extra side jobs, work nights, and cut expenses wherever you can to prepare for living on the cut income. If things are bad enough emotionally that you can barely stand the sight of one another, this step can serve multiple purposes simultaneously.
Stop investing (or at least don’t try your luck right now) and start paying down existing bills. Certainly the future is important, but stocks fluctuate and there are no guarantees you’ll have anything to fall back on in 30 years. Now is the time to pay off your current expenses, while you still have some leg room to do so.
Don’t just pack up and leave. It’s a common instinct to run when an overly taxing relationship fails. If you’re not in an emergency situation, stay put as long as possible, especially if you have kids. Moving to another residence within your filing county is one thing. But quitting your job and moving to another state, or worse - country, will only add to your financial woes in the long run.
Meet with a financial professional. Your realtor can handle your home needs, and your Macomb County Michigan divorce lawyer will handle your legal issues. But when it comes to money, seek the advice of the qualified professionals, whether that’s your bank manager, stock broker, or accountant.
Close joint credit lines. This is an often forgotten step, but it’s important. Chances are one of you happens to be better with finances than the other. You do not want your ex-spouse’s future charges on your credit report.
Jump on big-ticket items before filing. That doesn't mean buy a new house. But if the car needs repairs or traded for a newer model, the kids need braces, private school tuition is due, or you need elective surgery, get it done before you’re off the good insurance and finances become a serious issue.
Avoid litigation if at all possible. Agreeing to divorce terms is not only good for each other’s current and ongoing emotional health, it also improves finances all around. Upfront agreements lead to faster and less expensive divorce proceedings. The couple can do most of the paper work themselves. And in many cases, the attorney is thereby utilized to tweak a few details and finish the legal filing requirements.
Choose the correct lawyer. A quick call to our Macomb County, Michigan, divorce office can alleviate all of your concerns and help you have a relatively stress-free start to your brand new life.
Femminineo Attorneys
Michigan Divorce Help
110 S Main St #200
Mt Clemens, MI 48043
United States
(586) 954-9500
http://www.michigandivorcehelp.com/
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