Divorce Financial Advice

Six Steps for Women to Stand Financially Strong After Divorce Divorce is a really very emotional time filled with a lot of doubts and questions. But, being a woman you should take care of few things that make you financially stable after your divorce. Firstly, you have to keep your emotions separate from legal and financial decisions. It is very important because you have to look for yourself and your children financial interests.

Here we are discussing 6 steps that help in gaining your financial independence.

1. Prepare your financial situation Start tracking your current assets and liabilities that includes mortgage statement, tax returns, loan applications, credit cards, etc. Keep all your paperwork at a safe place for your attorney.

2. Create your financial plan Plan your future goals according to your liabilities. Your plan should answer the questions like: • Who will take the primary custody of children? • Do you want to stay in the present house?

• Who will pay for children education? • What are the tax consequences of divorce settlement scenarios?

All these questions will help you in determining the request for alimony and child support payments.

3. Divide your joint finances If you are sharing any joint account with your husband then withdraw half of funds and place it into a new account with your name. Do the same thing with your mutual funds, dividend stocks and other financial statements which are in both of your names. Take the help from expert advisor who can give you right divorce financial advice.

4. Get a PO Box It is possible that you will be living together during starting the process of your divorce. You may also receive important documents in the mail related to bank account, credit cards and correspondence from your attorney. If you want to keep all these things confidential from your ex-husband then obtaining a post office box is an easy and cost-effective way to keep your confidential information safe.

5. Secure funds for your legal fees When couples shared their accounts they also get power to drain the funding at any point. During the divorce process, it is possible that your ex-husband will take out all the funds and results great loss for you. Therefore you should save your legal fund and keep them away from where you can only accessed it.

6. Change the beneficiary This is the foremost thing that you should do without any delay. Talk

to HR department to remove the name of your spouse from your life insurance and other documents.

7. Find your husband’s income It means to access your husband income more than his salary like income from part-time work, yearly bonuses, stock dividend, etc.

Most of the men try to hide their income sources to get out of alimony and child support.

Once you have followed all these steps, this will help to make you stand financially stable after the divorce. You can also hire a financial expert who can give you right divorce financial advice in this matter.

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