Lessening the Financial Burden of Divorce
Many people put off the divorce process for years, even if they are completely miserable because they are so afraid of the legal process and the potential financial ramifications. Here at Egan Law Center, we understand the anxieties and financial pressures that are put onto our clients during a divorce, which is why we work as hard as we can to lessen that financial burden.
If you have any inkling in your mind that your spouse may try to drain any joint bank accounts or sell joint assets as soon as divorce is mentioned, it is imperative that you speak to an attorney and get your divorce filed as quickly as possible (ideally the same day). This is because filing for divorce automatically engages a financial restraining order between the parties, so your spouse cannot make any major financial expenses.
On the other hand, if you and your spouse have an amicable relationship, there are not many factors (i.e. assets, children, properties) to consider, and you trust your spouse to not drain any financial accounts, then in this case you can both save money by pursuing an uncontested divorce. This way is typically less expensive, as well as less emotionally taxing, but it’s not always the right fit. If you do find yourself well-suited for an uncontested divorce, this can be a way to lessen the financial hardship by not having to worry about attorney’s fees as much.
Perhaps you and your spouse have decided to write your own separation agreement, or you’ve found yourself sent a proposal from your spouse’s attorney, while you are unrepresented. I would always urge anyone who is reviewing a proposed separation agreement with no legal background to hire an attorney to review the separation agreement for them. While this is more expensive than looking it over yourself, doing this can actually save money in the long run as the attorney can explain the outcomes and financial responsibility for you for the following items, which may have major financial ramifications:
Alimony
Child support
Inflation
Living expenses
Investments
Taxes
Retirement funds
Health insurance
Medical bills
Children’s College and other Educational Expenses
Children’s Extracurricular Expenses
Uninsured Medical Bills
Are you in the process of going through a divorce, or thinking of beginning the process? We’ve got you. Fill out the form below to schedule a free consultation today.
Source: https://familylawyermagazine.com/articles/tips-for-financially-fair-divorce-settlement-for-clients/
