The ABCs of Avoiding a Custody Battle

Tips For Managing Your Money During A Divorce

by Barry Webb

With the typical divorce costing as much as $20,000, it will be a financial burden to deal with before you even divide your shared assets. Thankfully, there are some steps you can take to manage your finances during a divorce.

Consult With A Personal Financial Advisor

For those that were never responsible with how your family's finances were handled before the divorce, it is best to meet with an advisor about handling your personal finances after a divorce. They'll help walk you through all of the basics, which include filing your taxes and paying monthly bills. If you are not used to paying for monthly bills like utilities and rent, these are all expenses that can easily sneak up on you. Work with a personal finance advisor to learn how to manage your money on a single income.

Prepare Your Budget

You'll want to create a budget and follow it. While you won't know what the total cost of a divorce will be until it is all finalized, you should be frugal and assume that money will be tight. For instance, you should postpone any big expenses you may have been planning to purchase until the divorce is final. Many people do not realize how expensive it can be to maintain a household on their own, so start thinking about it early on in the process.

Avoid Spending Sprees

While the assets with your soon-to-be former spouse are linked, it could be very tempting to start spending money on things for yourself. Be aware that a judge can look your personal spending during the divorce and could rule that you are wasting money that is considered a joint asset. It could result in your having property divided in a way that is not proportional, which is a way to offset the purchases you made. Be aware that this could happen if you plan on making any purchases that are outside the norm.

Seek Temporary Support From Your Spouse

If you make less than your spouse, you can request temporary support from a judge. Since your spouse may not be so kind to give you money to get buy, this can be ordered by the court as a temporary ruling. It will give you peace of mind that joint income will continue to be divided equally between you and your spouse until the divorce is finalized.

For more help on managing your money, speak with professionals like Gordon Liebmann Attorneys at Law.

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