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Getting finances organized before divorce

On Behalf of | Apr 18, 2018 | Divorce, Firm News |

Making a financial plan before filing for divorce may be a good idea for Nebraska residents. This may be particularly important for people who do not have an income and do not participate in marital financial decisions. These people will need to start educating themselves about the family finances. One of the first steps should be to get copies of all financial documents and keep them in a safe place.

Many couples share joint bank accounts and may have joint credit card accounts as well. People should look over these to see if the other spouse is misusing funds in any way. For couples who do not have personal accounts as well, opening an individual bank account and establishing an individual line of credit may be a good idea. People might also want to order copies of their credit reports and clear up any errors on them before moving ahead with the divorce.

In addition to an attorney, a therapist and a divorce financial planner may be useful. The financial adviser may be able to help a person plan for how taxes will change after the divorce and in understanding the tax implications of selling or splitting certain assets.

These preparations may help a person feel more confident going into divorce negotiations over property division. This may be a difficult process, but negotiations may be less costly than litigation and allow a couple the opportunity to reach creative solutions based on their individual situations. Before going into negotiations, people should discuss their goals with their attorney. This can help keep them focused during this process if it becomes emotional. Making good financial decisions during these negotiations can be important for future financial security.