Financial Things to Consider When Filing for a Divorce

It’s challenging to think in a practical, financial frame of mind when deciding to divorce your spouse. However, The Betz Law Firm can help!

If you’re filing for divorce, there are some financial aspects you might want to consider. Once you file, you won’t be able to do anything with your assets, and if you attempt to move assets around, you could get in trouble with the court.

It’s challenging to think in a practical, financial frame of mind when deciding to divorce your spouse. Many things need to be taken care of during a split, and the stress can take its toll. However, at The Betz Law Firm, we can help you navigate the intricacies of handling your divorce.

Financial Aspects to Consider

There are several factors to consider concerning your personal finances. First, you must begin by ensuring you’re aware of every asset you and your spouse own. Making an inventory can be beneficial as you work through the divorce process.

Here is a basic list of the things you need to do to secure your personal financial situation when going through a divorce. Remember that not all these things should or need to be done simultaneously. Also, in some cases, not all of these recommendations apply to your situation.

• Remove your spouse’s name from bank accounts, credit cards, and employer records.
• Close any joint credit accounts.
• Consider any debts you and your spouse have. Understand which are marital and which are separate.
• Change the status and relevant information, such as marital status and address on tax records, post office records, professional licenses, property titles, utility bills, and health insurance.
• Remove your spouse from your will, trust, living will, medical directive, and power of attorney.
• Change beneficiaries on your pension, IRA, 401K, and life insurance policies.
• Use a personal finance app to track child support, alimony, and other expenses related to the divorce.

It would help if you addressed short-term and long-term financial needs during your divorce, such as mortgage and car payments, college tuition, and retirement plans.

Personal finance is typically never simple, and divorce can make it even more challenging. When going through a divorce, it may be best to go over your finances with a financial planner, preferably someone with experience helping people go through a divorce.

Contact The Betz Law Firm

Our firm uses experience, good communication, and availability to help families navigate life-changing events. We help families and individuals navigate their way through these challenging events. Whether it be a divorce, relocation issues, or paternity questions, our team of compassionate lawyers will be at your side, offering our guidance and support.