Important Financial Steps to Take Before Divorce

As you prepare for a divorce, one issue you should be thinking about is how your finances will change as a result of your new situation. There may be some significant implications to your divorce, and it may take some planning to ensure you remain in good financial health. The following are some tips:

• Work with a professional: Financial planning can be complicated, and you will likely benefit from the assistance of a financial advisor. These professionals will help you crunch the numbers, develop a budget, get a good sense of your obligations and establish a steady plan for the months and years ahead.
• Get insurance on your child support: If you are receiving child support payments, it’s a good idea to take out an insurance policy on those payments, especially if there is any question as to whether your spouse will follow through. This will protect you in the event your former spouse misses payments.
• Be careful with asset division: Just because you have sentimental attachments to some of your property does not mean you should try to get it all in the divorce. Certain pieces of property that are particularly valuable or expensive might put you into an impossible financial situation if you are still making payments on them. This is especially true for family homes and motor vehicles.
• Consider your tax responsibilities: There may be some new tax implications you need to address after your divorce. Again, consulting a financial advisor may be a good option to make sure you have all your bases covered.

To learn more about protecting your best interests throughout your divorce, speak with a skilled divorce attorney at Bryan L. Salamone & Associates.