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Eight Strategies to Avoid Financial Ruin in a Divorce Case
By Joseph Carter
Jan 15, 2009, Thu, 15 Jan 2009 15:43

Divorce can be destructiveand negatively impact both spouses.  Whether you are the husband or woman, it is likely that you will encounter some sort of economic hardship following your divorce.  If your finances are not handled correctly, the situation can be heightened and made even worse.  It is critical to remember that a divorce can cause more than just emotional trauma, in some instances it can lead to financial devastation.  Here are a few tips that will assist you avoid some of the most common problems and allow you to flourish after a divorce:

1.  Before you file for divorce assure that it is really, truly your most fitting choice and that reconciliation and building a prosperous future is simply not a possibility.  Consider not just the emotional effects but also the economic and financial considerations for your post-divorce life.  Financial ruin can be the result if you do not cautiously consider your true situation post-divorce.
2.  If you have suffered ill-treatment from your partner such as verbal abuse, physical abuse, and mental abuse, you should document those specific events for potential use in your court case.  These issues can, in certain jurisdictions, make a meaningful difference in the result of your divorce case.  If you have kids and are likely to get primary custody it is your right and duty to request and acquire child support to help handle the expenses of raising children.
3.  Understand the significance of objectively considering your post-divorce conditions, especially your financial situation.  Create a spreadsheet and realistically look at how much money you will require every month to cover your expenses.  This may involve making some assumptions, such as how much your housing and utility expenses will be in a new residence.  Then equate these expenses to your average monthly income, along with any child support you expect to have, and see how your monthly income compares to your monthly expenses.
4.  It is very normal for people to require lifestyle changes after a divorce in order to .  One assistitive thing to do when planning for a divorce is to start saving cash in a bank account in which you are the sole account holder (in other words, your partner cannot empty the account).  This money can be extremely helpful during the divorce process if you find yourself short on money.  That isn't to say you should "hide" the money, you should allow your attorney of its existence and never deny that you have it.
5.  If possible you want to reduce credit card debt and other liabilities before the divorce.  It is also crucial to establish your own credit, if you do not have credit available to you already.  As I mentioned above, you want to open your own bank accounts so you don't have to concern yourself with your spouse emptying out all of the accounts unexpectedly and leaving you without any available money.
6.  A detailed plan made before pursuing a divorce case is very helpful in addressing and avoiding any extended financial issues.  If your standard of living is going to drop-off post-divorce, you want to discover this as quickly in the process as possible so that you can plan and act accordingly.  Talk to divorced friends who have been through the situation and can make suggestions as to how to best manage the post-divorce finances.
7.  Find out as much as you can about the assets that you and your spouse own.  If you are the spouse who has managed the finances during the union, great.  If are not, this will require some additional study on your part.  In order to receive a fair property division in your divorce case you will have to be very familiar with what assets exist.  This is an area where a qualified family lawyer can be of great assistance.
8.  If you are given land in the property division, make sure that any necessary deed transfers are completed along with your divorce.  It is not sufficient that your divorce decree says that you're awarded the land, there must also be a deed, registered with the correct authorities, which showes your sole ownership of that land.

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