Divorce is an emotional process, and all too often, individuals involved in divorce tend to make decisions that are not in their best interests, especially when it comes to finances. Unfortunately, financial fallout from divorce is more common than not, and it can take years to rebuild your financial health following a divorce. By taking a few small steps, however, you can protect your finances and assets both during and following your divorce.
First, don’t allow your emotions to drive your financial decisions. Fighting about every item of personal property, no matter how insignificant, will result in wasted money. It will drag out your divorce and run up your attorney fees. The longer the divorce litigation goes on, the more money you will spend. Neither you nor your spouse ultimately will benefit from protracted litigation, either from an emotional or financial perspective.
Next, be aware of your household finances and keep track of your spouse’s spending. You should be aware of and familiar with all assets and accounts that your spouse owns and debts that your spouse has incurred, preferably before ever filing for divorce. You should take steps to discover all of your spouse’s income from all sources. This will ensure that you receive a fair financial settlement, and avoid the possibility of your spouse hiding assets from you.
Don’t assume that your spouse will be responsible for paying you spousal support and your attorney’s fees. Once you separate from your spouse, you should not assume that your spouse will provide any financial support to you. Rather, you should concentrate on building an emergency fund so that you can withstand any unexpected expenses. Since you are going to be single, you must solidify your financial situation and work to clear your credit report of any negative history.
At Pacific Northwest Family Law, we know how stressful, emotional, and downright draining divorce proceedings can be. If you are facing a divorce, you need the advice and guidance of an attorney with a background in divorce and family law issues. Contact our office today, schedule a meeting with an experienced Washington divorce attorney at Pacific Northwest Family Law, and learn how we can help you with your divorce case.