Planning Family Finances During a Divorce
Divorce is never an easy situation to deal with. Along with the flow of emotions associated with divorcing your partner, financial hardship can follow directly behind.
In fact, divorce often makes it even more difficult for couples to keep their finances afloat. While it may seem like a difficult time to divorce, especially with the economy in the shape that it is in, one should never stay in an unhappy and loveless marriage. It is for that reason that there are many tips for women and men who would like to keep their finances together even throughout a divorce.
Consult with an Attorney
Always consult with a divorce attorney. The divorce attorney will be able to provide you with divorce law resources and support you with the process of filing a divorce from your partner. It is the responsibility of your attorney to help you with any future mediation that you may be expected to participate in with your former partner. Always search around for divorcer attorneys that have experience and will be able to represent you in the right manner.
Mediate on Finances
One of the best ways to ensure a successful divorce is for both individuals to be cooperative and willingly mediate with one another. With your lawyers present, the two of you will be able to mediate about your finances, living situations, and the children.
Be willing to negotiate and compromise because this is the best way to save money and avoid a headache. If the two of you are not willing to talk or mediate, you will end up spending much more money for your attorney’s time, along with going through a lengthier process that will cost you more in the long run.
Determine Who Claims Children for Taxes
You will need to come to an agreement with your former partner on who will be able to claim children for tax purposes. If you are currently employed, even if it bothers you, you should be willing to give this right to your ex. If you are not employed, you are unable to use the tax deduction and then it ends up being wasted. Instead, you could easily come up with a written agreement with your ex.
Being flexible about these types of situations will be in your best interest, especially when it comes down to your own finances. The more difficult you are with the process, the more problems that will arise and the more money you will end up spending.
There are a number of things that would fall under the category of assets, which includes the home in which you live and the car that you drive. You may want to consider these assets and create a plan that is fair for the both of you. You cannot necessarily expect to win everything in a divorce, unless you have been wronged.
If you are willing to split assets evenly, you will both be left with something.
Going through a divorce is much of a challenge and it will take patience from both parties. However, one of the best ways to keep your family finances afloat during a divorce is to simply be cooperative with your ex. If you are uncooperative, more money will be wasted and the outcome will likely not be as good.