If your marriage is falling apart, a separation may be in order. You and your spouse have a lot to talk about, discuss many things and help each other go through the separation process without starting a mini-war.
However, things are not always friendly, and couples end up fighting a lot, especially when talking about financial matters.
Dealing with this can be very frustrating and exhausting. The following tips will help you deal with your financial aspect during a separation or divorce.
Get professional help
If you and your spouse cannot find a common ground, perhaps the best option is to seek legal help. There are many professional counselors who will gladly help you get to the bottom of things.
A marriage counselor will help you and your spouse negotiate things, and most importantly, keep the room calm.
Talking with Divorce Lawyers in Salt Lake City may also help you get to the bottom of things. You will understand the costs of divorce, legal process and what it may benefit you to hire an attorney to represent you during a divorce.
Lastly, speak with a financial advisor. Get insight and learn about the ramification of divorce/separation. Both you and your spouse are supposed to be left in a good financial situation after the divorce.
A new budget?
Establishing a new budget is a great way to get through things during separation. Each side will be responsible for paying for own food and bills, or half of everything. However, when there are children involved, this gets a little complicated.
Who will take care of the kids? Out of which pocket will the finances come from? Who will pay for all of their needs and the extra bills?
This is something that you and your spouse need to agree on. It is your children after all, and it is only fair that both of you provide them with everything they need, together.
If one of you is earning less than the other, or if one of you lost the job and income, it is important to let everyone know during the separation process. When one side cannot enjoy the same luxuries during the time of separation, or after divorce, the court may assign the other party to pay for support.
Create your own bank account. Cancel any mutual ones, and cancel every credit card that both of you have access to. Protect yourself from any future debt, and create a separate checking account. Do this to ensure that the Separation goes as planned, without potential complications.
Division of assets
The final financial aspect is asset distribution. Who gets the house, the car, how are household items and assets divided?
Normally, after a divorce, everything is divided in two. If the house cannot be divided and a deal cannot be made, the best option may be to sell the house and share the profit.
This is the most important part of every divorce, and it is extremely important to have an attorney present to protect your best interest. Speak with one of our attorneys and get all the legal help you need.
If you and your spouse cannot reconcile, the best way is to move forward. Try and find common ground, protect each other’s best interests and the separation/divorce will be successful, without any negative consequences.