Tips for surviving the financial aspect of divorce

Tips for surviving the financial aspect of divorce

On Behalf of | Jun 5, 2018 | Divorce, Firm News |

For couples ending their marriage, managing joint finances is far from simple. Aside from the emotional turmoil divorce can cause, it can also cause financial turbulence. Experts suggest having a game plan and consulting with a professional along the way to ensure the best financial outcome during these difficult times. For those in Wyoming, working with a divorce lawyer and a financial expert can help ensure the best outcome with regards to joint debt and finances.

Experts suggest closing all joint accounts once the divorce has been filed. Each party should remove all traces of the ex from checking and savings accounts and open new individual accounts. It may be wise to track financial expenditures, including support payments and medical expenses. Creating a budget that outlines all expenses will help avoid unnecessary spending while transitioning from two incomes to a single income.

Individuals should consult with their employers to determine when the next open enrollment period is for health insurance, and they should consider adding additional coverage for counseling services during these hard times. One should also update beneficiaries on wills, retirement accounts, insurance policies and powers of attorney. This can mean including any minor children on insurance policies and retirement accounts and appointing a reliable person to fulfill one’s final wishes.

Dealing with the details, decisions and changes during a divorce can be a daunting experience, but it is imperative to protect one’s finances and credit rating during this time. Seeking the guidance and experience of an attorney in Wyoming who is familiar with marital finances is a prudent first step. A dedicated lawyer will work hard for his or her client to make the transition less trying.