PRE-PLANNING IS THE KEY TO KEEPING YOUR DIVORCE AFFORDABLE

Posted By The Karenko Law Firm PLLC || 17-Oct-2011

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Part 1 Finances

For many people the thought of "planning" for a divorce is offensive. However, when you remember that your financial future and your children's future are at stake, it makes excellent sense to make a plan before you file for divorce. The following tips will help you begin to financially plan for your new life.

Budget: Take the time to put together your budget. Use the financial affidavit attached in the forms section of the website. Divide the income and liabilities in 1/2 and see what it will take to run two households. Make financial adjustments before you file for divorce.

  • Significant liabilities: You may need to consult with a bankruptcy attorney. Many times, debt can be discharged or modified leaving more money available for necessities.
  • Start your own bank account: Begin to separate bills with your spouse. Any additional monies left after necessary bills are paid can be put into your own "savings" account.
  • If your expenses exceed your income, look to see what discretionary items can be temporarily suspended until your finances become stable again.
  • If your home has equity, consider sharing the expenses for the home with your spouse and selling when the real estate market gets better. You can rent the home to help with costs or one of you can live in the home.
  • If you owe more on your home than it is currently worth, you can consider a short sale, bankruptcy or an agreement with your spouse where you keep the home until the real estate market changes.
  • If you meet certain requirements under Florida law, you may be required to pay or entitled to be paid alimony. Consult with your attorney to factor this issue into your budget. Reaching an agreement with your spouse on this issue saves considerable monies in attorney fees and costs
  • If there are children of the marriage, you may be required to pay or entitled to receive child support from your spouse. Consult with your attorney to factor this issue into your budget.
  • Try to talk to your spouse. Go through your budget together. Try to put together your own plan on how to divide assets and liabilities. This should be done after you meet with your divorce lawyer and understand your legal rights and obligations.
  • Change your lifestyle temporarily. After you go through your budget be realistic about where and how you plan to live. It takes time to financially recover from your divorce. Make budget changes in your lifestyle that you can reintroduce after your finance become more stable.
  • Plan for your attorney fees. Many lawyers take credit cards. Many lawyers will let you pay a certain amount monthly for your fees. Ask your family for help. If you need to get out of a bad marriage quickly, many times parents and siblings can help. You may also consider taking a loan against your 401k or other retirement accounts.

Remember, the emotional strain of a divorce sometimes makes it difficult to think clearly. Making a workable financial plan is your first step towards alleviating your fears about the future.

Contact a Galveston County Divorce Attorney if you have any questions.

Galveston County Divorce Attorney

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The Karenko Law Firm PLLC
Galveston County Divorce Attorney
609 Bradford Ave, #207,
Kemah, TX 77565
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