Financial considerations when getting divorced
Divorce is probably the most stressful thing any married adult can expect to go through in their lives. The most difficult things are dealing with your children’s emotions and managing the cold, practical and legal aspects of it while in the midst of what’s likely to be great mental pain and emotional distress.
Of course, your friends and family are there to help you, and services like Co-Op Family Law Services can assist with the harder, practical aspects of getting divorced. This article has been written to outline some of the key financial considerations you will have to make while getting a divorce.
Fairly dividing family assets
This should be one of your main priorities, as a husband, wife or parent. All financial assets can be totally different in how they came into being; therefore all parties require information on them in order to make educated decisions on how to split them fairly.
It is important that all assets are thoroughly discussed, as you’ll probably feel a lot of emotional distress once you realise that it’s too late.
It is also important to understand that dividing finances could potentially take up months - or even years.
Sort out your joint credit agreements and bank accounts
This is something that probably requires immediate attention. Any shared accounts or credit agreements that you may have had with your spouse will not be able to be changed during the divorce.
Most would advise that you form some kind of agreement early on in the proceedings in order to agree how to split shared debts and so on. You will have joint liability for anything shared with your ex-partner, so both of you will have the responsibility of paying the debt off.
This in turn will affect your credit rating, hence its importance.
Don’t let things get ugly during the divorce
This obviously pertains to being civil to each other, but it also applies to finances. While you are married, you still have a duty to financially support one another, particularly the children, if you have any.
It’s important to maintain financial civilities, as this will definitely reflect on you during court proceedings.
Keep everyone informed
It is probably best if you keep your bank, creditors and your employers informed about your divorce, as it will allow them to be understanding and accommodating towards you. They might make special arrangements to help your financial affairs transition a little more smoothly.