Before you rush to file your divorce paperwork in Baton Rouge, take some time to think about your financial situation. You may think you have nothing to worry about because you and your partner both agree it is best for your situation, but divorces often have a way of becoming complicated. Things may change the moment you submit your paperwork to the courts.
It took little effort for you and your spouse to combine your financial habits and lives together. You will need the courts to separate them to ensure no one gets taken advantage of. Check out the following ways to get your finances in order to prevent costly delays with your divorce case.
Start tracking your expenses
Now is a good time for you to track your expenses to get a good idea of how much income you will need to make ends meet. If you were the sole breadwinner in the relationship, you might want to calculate different scenarios to determine how potential spousal and child support award may affect your finances. You should also take a complete inventory of all personal and marital assets, properties and accounts so you know what you have to work with.
If you anticipate your income being much different once your divorce is finalized, you should think of ways you can overcome any issues you may encounter financially, like getting another job, going back to school for a degree or changing careers.
Put off big decisions
You should consider not making any major purchases or financial decisions until everything is finished. Anything you purchase now before your divorce is final will be considered marital property. If there are some tasks you do not want to put off, like changing the beneficiaries on your life insurance policies or opening separate accounts, make sure you get the courts approval first. If you do not, your actions may be seen as contemptuous and could lead to your spouse receiving more in his or her divorce settlement.
Get professional help
If you cannot seem to make sense of your financial situation, you may want to work with financial advisors for guidance during your divorce. They can help you to change your money management habits so you can better adjust to your new post-divorce budget and lifestyle. They can also help you to steer clear of issues that can result in additional tax liabilities.
Not all people who divorce their partners end up with empty pockets. With careful planning and the right money management habits, you can make your financial transition to being single easier.