Divorce is taxing – emotionally, legally, socially as well as financially. It is not uncommon for divorcing couples to be concerned about their financial situations during and after the divorce process. Will you have enough money to pay your bills? How will you make it through life without your ex’s contribution? And what will happen to joint debts?
These are just some of the questions you are likely to grapple with when dissolving your marriage. Fortunately, there are steps you can take to safeguard your financial interests during and after the divorce. Here are some of these steps:
Organize your financial information
While in the marriage, you most likely shared responsibilities with your spouse, and this probably included managing the household budget. Perhaps you were in charge of the mortgage payments and other major bills like kids’ education while your spouse took care of groceries and utility bills.
When it is time to sever ties, however, all these have to change. This means that you need to have a full grasp of all the assets and liabilities in your marriage so you can be certain the marital property will be divided in a fair manner per Alabama marital property laws. Having a sound grasp of your marital finances will also help you plan for life after the divorce.
Pay off and close those joint accounts
During the marriage, you probably signed up for joint credit or debit cards. It is important that you close these accounts as soon as it is clear that your marriage is headed for dissolution. If you don’t, you risk getting into debts you know nothing about. The last thing you want is to learn that your soon-to-be ex is taking out credit in your name.
Divorce can be a very stressful experience. Knowing your legal rights and obligations can help you protect your financial interests both during and after the divorce.