Going through a divorce can be emotionally devastating for the entire family. It can also be destructive in a financial sense. Here are a few tips that can help individuals who feel that divorce is on the horizon to prepare financially.
It is important for a person to take stock of what they own and to fully understand how much debt they have. Some marriages function where one spouse plays a more active role in paying bills and keeping track of finances. Taking stock of what is owned and owed involves having access to deeds for properties, auto loans, credit card statements, bank accounts, and retirement accounts.
A family law attorney in Charlotte, NC, will usually advise clients to closely monitor their spending. It is important for a person to look at how much of their living costs and see how many of their expenses are fixed and which ones are discretionary. It is important to look at how much each person in the marriage spends and how much is spent on the children. If the couple owns a business, understanding how much is spent is even more important, especially if personal expenses are run through it.
Working closely with a family law attorney in Charlotte, NC, can help a person to think long term. The attorney will be able to provide legal advice that can help a person during their divorce and in the time right after it. They can help a person set priorities that will help them five or 10 years down the road. For example, they can help them decide is maintaining their current lifestyle is the priority or if they should be more focused on feeling secure financially.