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How to Manage Finances During a Divorce

Aug. 3, 2020

There are countless people who have had their finances wiped clean when going through and dealing with the aftermath of a divorce. It’s a complicated process that can cost a lot of money upfront and over time if you don’t have a skilled, knowledgeable, and trusted Colorado Springs family law attorney at your side to protect your income, earnings, and assets. Very few divorces are pleasant with happy people who want to work things out every and fairly; they’re usually the result of unhappiness, jealousy, infidelity, and plant of other negative reasons to reinforce anger, sadness, and outright hatred.

It’s safe to assume that things won’t go smoothly and that your partner will hire a predatory divorce lawyer to take everything (the old scorch and burn tactic). In order to save yourself from financial ruin, we have some tips to keep your money and assets safe so you can get through this nightmarish process unscathed.

Separate Assets Based on Ownership.

One of the more difficult aspects of divorce is asset division, so it’s better to get your sole ownership property away to avoid it being counted as a marital asset that could be given to your spouse unfairly. Bank accounts without your spouse as a joint member are considered personal assets, which means that money likely won’t be touched during a division process. Additionally, any assets you owned prior to the marriage, say a vehicle, may (or may not) be considered a personal asset. In order to truly have a greater grasp on personal assets and how to manage them so they don’t get muddied up in the divorce is to consult a Colorado Springs divorce lawyer.

Manage All Bank Accounts.

Close any joint accounts immediately, otherwise that money will be counted as a marital asset (we should note that you should not steal your partner’s money; if the account is yours, but you added your partner to it for withdrawals, though they don’t add, you should close it). Open new accounts and deposit your money; open your own credit cards if you had joint accounts prior. This will help you rebuild your credit score as it will likely lower when you close the joint accounts. You don’t want limited funds and bad credit when striking out on your own again.

Police Your Income and Expenses.

Divorce and the months to years afterwards can be expensive, so making sure you aren’t overspending is crucial. If you are ordered to pay child support or spousal support, you’re going to want to keep a close eye on your finances to stay in the green and get back on your feet faster.

You should be subjected to financial ruin and becoming destitute because of a divorce and we want to make sure that never happens for any of our clients. We can’t change the course of events that lead to a divorce, but we can make the process and results easier for you and your soon to be ex-spouse. It’s imperative to hire a respected and knowledgeable Colorado Springs divorce attorney to make sure you don’t lose any assets, so if you are currently going through divorce, or are about to file for divorce, contact our offices immediately to plan your next steps.