Between 30-50 And Considering Divorce? How To Prepare Financially, Pre- And Post- Separation?
While the separation or divorce process can be emotionally devastating to both partners and their family, it can also be financially destructive. This is the case for women more often than for men. When Preparing For A Divorce, women should make the decision with a clear head and a realistic idea about her resources and what she wants coming out of the other side of divorce.
The following steps are advised when considering a divorce.
- Take stock of all your assets and what you owe, especially if you have not been the partner in control of the finances. If you have knowledge and documentation of all assets and liabilities, the playing field is leveled when the divorce is negotiated. You will need recent bank statements, pension and social security statements, property deeds, mortgage and auto loans, credit card statements, and the last three years of tax returns.
- Get a firm idea of your current spending. Add up how much your current life costs you. Figure out what is yours, his, or the kids.
- Look forward to the long-term. You should envision exactly what you want the outcome of the divorce to be, even before you even begin speaking to an attorney. Do you have the means to maintain that lifestyle five or ten years into the future? This will guide you in making decisions about assets during the divorce.
- Seek help from a financial professional. Once the divorce is finalized, you might need assistance with how to properly manage any assets transferred to you. A professional will be able to assist with any investments, savings, retirement funds, etc. A professional can also advise you on the Post-Divorce: Financial Do’s And Don’ts.
Preparing For A Divorce? Here Are Six Crucial Aspects Women Need To Know
When contemplating the idea of divorce, there are a few crucial Aspects Women Need To Know Before Getting A Divorce.
- The basics- Women should make themselves aware of basic divorce laws of their state, types of divorces, documentation needed, and approximately how long a divorce could take.
- The legal aspects- Women seeking a divorce should hire a good divorce attorney, but they should also have a basic knowledge of the law too. Attempt to settle the divorce swiftly, and be sure to know your rights to alimony and any other support maintenance. Lastly, expect to face many obstacles along the way.
- Finances- Be sure not to spend frivolously and save as much as possible during the process. Hire a financial planner who can guide you in how to protect your assets and advise you with bigger financial decisions.
- About your job. When going through a divorce, you should let Human Resources at your job know that you are divorcing. This will protect you should your partner approach your company with any ill intent.
- Create a support system. Divorce can be an emotionally draining and difficult time. You will need a support system of loved ones and friends that you can count on.
Fighting For Your Rights In A Divorce When Your Spouse Has All Of The Assets And You Have No Money
Often, women find themselves in a situation where their spouses have more financial resources, presenting a challenge when facing a divorce. Fortunately, there are several laws in the US to protect a spouse from being left penniless after a divorce. These laws help distribute marital assets and provide continuing support after divorce.
- Alimony Pendente Lite- This is support paid by one spouse to the other during the divorce process.
- Distribution of Assets and how to get Legal Assistance- Usually assets acquired during the marriage are distributed as evenly as possible between spouses during the divorce. If you cannot afford to pay an attorney, there are often clinics where volunteer attorneys will explain distribution to you, give advice on finding hidden assets, and review your paperwork with you.
- Attorneys in Custody Disputes- In some circumstances, it is possible to get a court appointed attorney for cases involving the custody of children.
- Do not put off getting help- Speak with a legal representative as soon as possible.
Steps Women Should Take Before Getting A Divorce
Any woman who is considering a divorce should do the following before filing.
- Gather your financial records.
- Get a PO Box address.
- Put money away for legal fees and other costs.
- Open new checking and saving accounts in your name only.
- Get new credit cards only in your name.
- Retrieve a copy of your credit report.
- Review and make changes to your estate plan/will/medical directives.
- Change the beneficiaries on life insurance, IRAs, etc.
- Inventory all your personal property, not including your marital property.
If you are a woman considering a divorce and need guidance, an experienced lawyer at Gomez Law PLLC will assist you with questions and the entire divorce process. If you are located in or near New Hope, MN, call (763) 284-5552 for a consultation.