Contemplating Divorce? Planning Ahead For Financial Matters When You Are A Homemaker

Law Blog

When you are contemplating divorce, it is also a time to get 'your ducks in a row,' so to speak. If you are not being abused physically or in any danger, you would be smart to consult a divorce lawyer for advice on improving your situation beforehand, because rushing ahead could put you into a poor situation financially.

Things to Establish

To keep your information confidential, sign up for a post office box. If you don't have a bank account in your own name, now is the time to get one. You will need to pay for your lawyer and make other transactions that you don't necessarily want your spouse to know about if he or she is likely to obstruct your efforts.

Things to Gather

You will want to take some time gathering your financial information and that of your spouse. You may need evidence of money and other assets to get your fair share in the settlement. If the spouse becomes suspicious, he or she might start hiding them. Whenever possible, it is important to know about shared finances, regardless of the state of your marriage.

You should have information regarding or copies of:

  • Bank accounts, balances, and account numbers
  • Other financial assets, including amounts for stocks and bonds
  • Mortgages and debts
  • Deeds and titles of assets
  • Tax records for businesses
  • Employment pay stubs
  • Wills and powers of attorney
  • State and federal tax returns for past three years

Things to Work On

You should be prepared to be self-sufficient and be able to live on just your own income. It might help to keep track of expenses for a while to figure out how much you will need to start over. You may not be able to count on spousal support or alimony, since it may not be awarded in your state or it may be limited to one or two years. This is definitely something to discuss with your lawyer.

While you are still married, a step towards independence may be turning a hobby or interest into a business. If needed, you might consider going back to school or earning some other vocational training. This may also benefit you if you are worried about having a place to live after the divorce, since campus housing is economical and may be feasible for you.

If you have been out of the work force for some time and don't want to go back to school, you will want to look for a job and work for awhile to reestablish yourself as employable.

One aspect that you should not overlook is making sure you have adequate transportation for your endeavors. If you have a car already, do what it takes to make sure it is in good shape. The last thing you need when you are just becoming independent again is realizing you can't get to the places you need to go because your car is broken down and you have no money to get it fixed.

A Final Thought

People change and grow apart. Marriages dissolve for many different reasons and they don't always have to be acrimonious. It may be that your mate is agreeable to a divorce and wants to make sure you have what you need afterwards. This would be ideal. Either way, a law firm with work in family law, like The Huntsman Firm, can help make sure you're taken care of during this time.


8 December 2014

Improving My Life With A Great Lawyer

Although many people don't think of having legal counsel as improving their life, I have found that it has really helped me to feel empowered as a business owner. Without my lawyer, it was really difficult to figure out what I could say and what I couldn't say, and it really made things hard when I was out and about trying to make business deals. Fortunately, after I found the right lawyer, things became a lot more straightforward. This blog is all about improving your life and streamlining your business with the help of a great lawyer. After all, you never know when you will find yourself in court.