Group photo from The Kronzek Firm

The Top Four Money Tips When Preparing For Divorce (Pt 1)

If you plan ahead and make the right choices, your divorce doesn’t have to ruin your financial future.

 

Money is often one of the major causes of divorce, but once a couple has started the divorce process, money remains a significant issue. This is partly because the divorce process itself is expensive, and partly because a couple’s money and assets have to be divided during the divorce process. So however you choose to slice the pie, money is important and finding ways to save it are going to help you out. So here are our top four financial tips for your divorce:

 

  1. Your credit is important!

 

Amassing debt will negatively affect your credit. And divorce can be an expensive process, so anything you can do to build your credit and not increase your debt during this process will be a help to you, both now and in the future. That could mean a lot things, depending on your financial situation, but if we can give you a few basic pointers, they would be:

 

  • Don’t make ANY unnecessary purchases at this time. That could be anything from buying a new car you want but don’t need, to taking a vacation. If you can go without it, then you should.
  • Don’t apply for more credit cards without discussing it with your attorney first. A credit card can help you establish good credit, but only if you’re making regular payments!
  • Don’t accept any credit cards from stores (like a Macy’s card, or a Target card) that will entice you to spend money and will hurt your credit score.
  • Work to pay off any existing debt you may have, as this will help you build your credit.

 

  1. Be open and honest about money!

 

We get it – right now you probably don’t want to talk to your spouse about much, especially money! But during this process, while your assets and debts are being divided and your spending choices can have a huge impact on both of your futures, it’s important to be upfront and honest.

 

Making major purchases without talking to your spouse, hiding assets that you don’t want to share, or opening bank accounts that are only in your name and then transfering money into them that belongs to both of you can add serious complications to your divorce. Hiding assets in any way is against the law and can have very negative repercussions on you. Making big purchases (like a house, a car or an expensive vacation) using money that’s technically ‘marital property’ can cause a lot of problems.

 

Always be as honest and open with your spouse, and with your attorney, about your money situation. Discuss your financial situation with your attorney, and ask them questions if you aren’t clear about something. It’s always better to be sure how a decision could affect your future before you make it, rather than afterwards, when it’s too late.

 

Do you need help preparing for your divorce?

 

Divorce can be a complex process, and having the right help from an expert with years of experience can make all the difference. So if you or a loved one are considering divorce in Michigan, call 866 766 5245 today and discuss your situation with one of our experienced and skilled family law attorneys. We’ve helped countless people achieve successful outcomes in their divorces over the years, and we can help you too!

 

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