Going through a divorce is never easy. Regardless of what the reason was or who was at fault, divorce is a process that both parties can never be fond of. There are many things that both of them will have to settle and arrange, and that’s not even touching on the part where they will need to agree on certain things. Essential details such as the child’s custody, the precise distribution of the properties, and the possible alimony that comes after are included in that list.
Indeed, many things can happen during and after the divorce proceedings, which is why you should prepare to make decisions about your finances, especially if you know that they may be affected by your current struggle as well. Here’s what you need to know:
Create a Separate Bank Account
Depending on your relationship with your significant other after the divorce, your bank account can either enjoy an offset of peace or sudden withdrawal.
Be sure to create your own bank account after you’ve finally separated so you may still enjoy your hard-earned money in the process. Think of this as a Plan B, just in case your significant other is determined to take everything from you despite the regulations set in place after the proceedings.
List Down Your Valuables
Determine which of the current valuables at home are the items you were able to accumulate before and after your marriage. In such a case, you will be able to keep those items that you could acquire even before you met your spouse.
Cross out the things they bought themselves and separate those from the ones that belong to you. You can even gather receipts of your purchases as proof that the items you listed down were paid by you, no one else.
Get the Help of an Attorney
There is a chance that your significant other may have spent more than they should be using your credit card. Make sure that they will not be able to do that again during and after the divorce proceedings.
In such a case, getting the help of an attorney will work in your favour as you will be able to appeal these ongoing expenses in court. Just make sure that you’ll be applying for a new credit score after so that you will be able to rebuild again, even after the separation has been formally done between you and your spouse.
Track All the Budget of Your Household
Whether it’s the expenses or income of the household, you should take note of it to ensure that you will not leave off any possible debt or overdue amounts once the proceedings are done.
Take note that this may also include all your assets and liabilities, so have a divorce lawyer nearby to get a more precise grasp of your financial situation. They may be able to tell you what your current standing is and the next steps that you should take to avoid any of the pitfalls and heavy expenses that come after a divorce.
No one ever wants to experience the tumultuous stage of getting divorced. It’s messy, expensive, and may hurt the most precious people in your life, including your kids. Get the help of a reasonable attorney and know your rights when acquiring your fair share of the properties and assets.
Know where you financially stand and determine whether or not you are at risk of losing everything or have a fighting chance until the end. Discuss everything with your lawyer so you may be able to get through this ordeal without spending so much.
You may find yourself in a similar situation as the examples above. In such a case, you will need the help of an experienced divorce lawyer by your side to guide you throughout the whole process. We at Dreyer Davison Lawyers LLP have a diverse array of experience across family law, wills and estates, and residential conveyancing, among others. Contact us today and get the assistance you need in the Fraser Valley and Lower Mainland of British Columbia.