Facing Divorce? Keep These Financial Tips in Mind
Divorces prompt people to ask a great many questions – many of which may not seem to have clear answers. Where will you live? Who will get the house? How will you juggle your children’s needs and well-being with the monumental task of starting a new life for yourself?
The Law Office of Thomas M. Huguenor can answer many of these questions. We can also help gather the information you need to make confident decisions about your future, starting with your finances.
Here are several tips for staying organized and learning what you need to know to build a secure financial future:
- Make copies of all your financial statements and records. Include your bank accounts, retirement accounts, insurance policies, tax returns, mortgage statements, and similar documents. Store all your copies in a safe place your spouse cannot access.
- Get a copy of your credit report. Several companies offer free copies of credit reports. Get a copy and examine it. If your credit has taken a hit, start taking steps to revive it by taking on small, secured amounts of debt and paying them on time. A secured credit card or a gas card is two simple ways to start rebuilding your credit.
- List your assets and your liabilities. Divide a piece of paper into two columns. In one column, write down everything you own; in the other, write down everything you owe. This will help you and your attorney offer an equitable split that still protects your financial health.
- Create a budget. What do you realistically need in order to live? Your budget will help you plan, and it will also help your attorney negotiate more clearly in your favor.
Going through a divorce is never easy. Don’t do it alone. Let The Law Office of Thomas M. Huguenor stand with you through this tough time.
You can reach us at (858) 458-9500.