Simple Divorce Advice

There are certain things that can be done before and during a divorce to save both yourself and your spouse money. A divorce is as cheap or as expensive as you make it and if the costs blow out there are only two people who are responsible.

There are some pressing issues that should be taken care of as soon as divorce is agreed upon, whether you are still living together or not.

1. Cancel all your joint credit cards, including store and charge cards and petrol cards. Tell your spouse this is being done and make alternative arrangements to pay for necessities. By doing this are protecting both of you and having one less thing to argue about. Credit card companies will hold you responsible for charges made to your cards, it does not matter to them that you are going through a divorce or court case. If a court rules that you are not responsible for certain charges you still have to work this out.
2. Start your own bank accounts if you do not have them in your own name. Use these bank accounts to keep money that is in your control. If you want to get your own credit card, apply for them before you cancel the joint cards. You own credit card has a twofold use; to get you your own credit rating and to use for money during the divorce when you cancel your joint credit cards. You will have to declare your new bank accounts and balance of moneys at some stage during the proceedings. Open a post office box or have your mail redirected to a private and secure address that you during the divorce proceedings. Do this immediately and before you separate to make sure that your mail is secure and private.
3. Try to make a working financial plan with your spouse to fund the divorce, if necessary bring in a financial agent who specializes in this area. Costs can blow out of all reason and it is only through planning and good sense on both sides that this will not happen. Before things get really bad try to sit down and work out how to fund the separation period. This could be done with an extra mortgage to fund two homes and lawyers fees. The reality of the costs of a divorce a really better faced immediately so they can be kept at a minimum.
4. Before you separate use joint moneys to fund any repairs either of you may need to your home, car, or other assets. Even if you are leaving the home it is your asset and needs to be maintained if you expect to get a good price when it is sold. Discuss this with your spouse and the reasons behind why you are using money to do the repairs.
5. During a divorce it is very common to fight over who pays for what until the settlement is reached. To avoid these sorts of arguments spend joint money before you separate on clothes for the children and yourselves for the foreseeable future. Also, if certain processes such as orthodontics, school or college fees or driving lesson, have been discussed as both your responsibility then start the processes and pay as much as possible without using credit.
6. Gather all the financial information you can including making copies of all loans, credit card statements, banking information, financial statements, loan documents and loan applications. Also copy all tax returns, wills, trust documentation, deeds to properties, insurance policies and inventories, car registrations and registration of other vehicles in applicable. Even if you are going to eventually hang onto the originals have a second copy somewhere safe in case. If you are not going to hold the originals copies will be able to be used instead of the originals meaning you save the money of subpoenaing them. Keep the copies in a safe place outside of the marital home.
7. Educate yourself on the legal system of divorce in your state or country. There are classes, tutorials, and court articles to help educate you. While studying divorce make sure you study the emotional processes that come with it so you are ready for not only your own emotional journey but also your spouses. If you are going to join forums or ask friends for their experiences know that only those working directly in the divorce law arena can advise you with any certainty and even then there is always a worst case scenario that you should be aware of. Divorce law is not black and white so do not expect it to be.

Divorce is one of the most difficult things a person will experience in their life so being aware and trying to minimize the worst effects is paramount.

Source: 7 Tips to Saving Money in Divorce

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