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3 ways to put yourself in a good financial position in a divorce

On Behalf of | Apr 21, 2023 | Divorce |

Divorce won’t come for free, and there can be significant costs involved in setting up a new household alone. So, you need to do what you can to emerge in a healthy financial situation.

Here are some tips to consider:

1. Understand what is at stake

Some spouses are naive about their finances. While it is fine to trust your spouse to handle the money, it would be foolish to enter a divorce uninformed. There’s too much at stake, and sometimes divorce makes people act strangely.

2. Set some money aside for the immediate costs

There will be fees to pay, and you may need to shell out extra for things like another place to stay for a few nights (or months) or someone to take care of the kids while you attend a divorce meeting. Knowing you have some money put aside stops you from having to worry about your spouse cutting you off from the joint account and closing the credit card without telling you. They might still try, but having enough to survive in the meantime, puts you in a better frame of mind to do something about it.

3. Understand what you are entitled to receive by law

While you can negotiate divorce settlements and asset division pretty much how you want, there are laws and guidelines to help those who don’t reach an agreement. By understanding what monies you would get if you went through court, you put yourself in a stronger position to negotiate a fair deal.

There’s a lot to learn when divorcing. Getting legal help can speed up the learning process.

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