Making divorce more budget-friendly

Making divorce more budget-friendly

On Behalf of | Nov 28, 2018 | Divorce, Firm News |

Ending a marriage brings with it a myriad of changes to one’s life. The financial impact it has can be significant and can affect all aspects of the person’s life. It can affect one’s housing situation, work load, spending habits and retirement goals. Divorce doesn’t have to be financially crippling, however. With careful planning and smart choices, divorce in Wyoming is possible while still maintaining financial stability.

During a marriage, there are usually joint accounts opened up in both spouses’ names. These should be closed immediately by both parties. This includes financial accounts such as bank accounts and credit cards as well as other types of accounts, including memberships and social media accounts. For some, the opportunity to use these accounts to hurt the other can be irresistible and can lead to serious financial consequences. It is best to take care of this in the beginning to eliminate the possibility of bad decisions being made later in retaliation.

One task that should not be overlooked is the updating of insurance policies and wills. Life insurance policies often list the spouse as the beneficiary, so this will need to be changed to ensure the correct person would benefit in case something happened. This is the same with wills. Additional planning may need to be made if there are minor children to ensure they are financially protected. Also, if the spouse has power of attorney, this should be revoked in writing immediately.

Perhaps the single most important thing to remember during divorce is to be careful whose advice to take. When others find out that a person is getting divorced, everyone suddenly has an opinion on what that person should do and how he or she should go about doing it. The problem is that these people don’t know the whole story; every divorce is different, and they are not experts. The most important thing a divorcee in Wyoming can do to protect his or her financial future is to hire an attorney to watch out for his or her interests. An experienced divorce attorney is familiar with all of the ins and outs of the divorce process, the possible pit falls many divorcees become victims of, and the best approach to use to reach a positive outcome for the client.