Helping Clients Navigate A Course To A Better Future

3 tips for remaining financially secure during your divorce

On Behalf of | Aug 11, 2018 | Divorce

It is no secret that getting a divorce can be costly. The property division process alone can have a significant effect on your financial future. While you may be experiencing emotional turmoil, it is crucial to not lose sight of the money aspect of divorce.

Luckily, you can minimize the financial burden of your divorce. Follow these guidelines to keep your finances stable as you leave your spouse.

1. Do not overvalue assets

It is easy to get emotional over certain pieces of property. If you have an unrealistic idea of how much certain items are worth, you may end up with an unequal settlement. The key is to negotiate from an understanding of fair market value instead of sentimental feelings.

In order to accomplish this, you should hire an appraiser to determine the value of certain assets, such as family businesses, memorabilia and real estate. You do not want to hold onto something only to experience a financial breaking point once all is said and done.

2. Separate financial accounts

Joint accounts link you together financially. This can be a serious risk once the divorce process begins. People can become vindictive during divorce. Beware of your spouse racking up credit card debt, clearing out your bank account or refusing to make mortgage payments. Unlink any joint accounts and open new accounts to keep everything separate. 

3. Surround yourself with a good team

According to Emmie Martin at Business Insider, building a good team around you can help you make smart financial decisions during your divorce. Consider hiring the following professionals:

  • Financial adviser
  • Attorney
  • Valuation expert

You need people to advocate for you. These professionals will be nonbiased so they can help you make informed decisions instead of acting on your emotions. 

Ending your marriage will always affect your financial situation to some extent, but taking these steps will help limit the financial turmoil.

Client Testimonials

A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
FindLaw Network