Managing Your Finances When Divorce is on the Horizon

Divorce Lawyer Tampa, FL

Divorce can be tricky, whether the spouses decided divorce was the right decision peacefully or not. Even if things ended respectfully, this doesn’t automatically mean the divorce process will flow in the same manner. Divorce entails negotiating over very sensitive topics like finances, which can stir up resentments and hard feelings. Spouses who suspect divorce may be in their near future or are in the midst of the process already, can rely on an attorney for legal counsel.

An attorney can understand just how stressful and complex divorce can be, and typically advise against spouses going through it independently. If you feel that divorce may be on the horizon, reach out to a lawyer and consider the following advice about managing your finances during this time:

Hold Off On Making Big Financial Decisions

It may be quite tempting to start eliminating your spouse from financial documents if you know divorce is going to happen. However, things like changing beneficiaries and editing names on retirement accounts are likely to be sorted out through legal negotiations or court hearings. If you make major financial decisions, it may not only reflect badly on your side but could be grounds for penalties. Inquire with your attorney if you are unsure about whether a particular financial move can be done now, or should wait until an official proceeding.

Be Thrifty When Spending Money

Spouses may have a strong urge to rush to their nearest bank and take out as much money as possible within joint accounts. But depending on your state laws, your income, debts, and assets may be considered one single pot that you both now must divide. Your spouse who shares the joint account with you, can probably easily access how money has been spent in the weeks prior as evidence. If you take money from your joint accounts or start spending way more money than usual right before divorce, the court judge may strongly frown upon your behavior. In the worst of outcomes, you may get less of your share in the end, than if you had just been thrifty and not reacted so hastily.

Know When You Need to Ask for Help

Whether you are cordial or completely at-odds with your spouse, an attorney can devise the best course of action in preparing for divorce negotiations. A legal professional is someone who has your best of interest in mind at all times, and understands how laws may apply to you during the divorce process. An attorney can help safeguard your rights, in addition to seeing that all necessary documentation is completed and filed. It is common for divorcing spouses to have plenty of questions and concerns throughout each step of the legal separation.

We highly encourage people to meet with a divorce lawyer Tampa, FL relies on for guidance as soon as they know they are going to be divorcing from their spouse. Initial consultations are at no-cost to you, so please contact a law firm today. Don’t battle this alone.

Contact The McKinney Law Group for their insight into family law and how to manage your finance during divorce.

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