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At what stage in your divorce should you become financially proactive?
There’s been a reduction in divorce rates in the United States in recent years spurred on by the fact that the younger generations are waiting longer to marry in the first place. Other generations are still ending their marriages in record numbers, though.
Many of them are only beginning to learn how divorce can impact their finances.
What you should do if you see that divorce is imminent
Most spouses’ decisions to split up aren’t spontaneous. Spouses who reflect on the end of their marriage often say that they could feel their relationship coming apart at the seams. If that’s where you’re at in your marriage, then you might want to go ahead and meet with both a financial planner and divorce attorney to gain a better understanding of your future.
A divorce attorney can guide you in compiling the financial records necessary to grasp your debt obligations and assets. This information may give both you and your attorney a valuable opportunity to carefully craft and carry out property division demands down the road when you do file for divorce.
Getting a financial planner involved when you’re agitating toward divorce can allow you to learn strategies for growing your income and increasing your savings. This knowledge can prove invaluable as you transition from you and your spouse carrying the bills and saving for the future to you having to go at it all alone.
One of these professionals may recommend reassessing your budget, including curbing your discretionary spending on entertainment, clothes and other non-essential items for a period. They may also counsel you about the benefits of furthering your education to get a better job, taking out disability insurance or downsizing to a smaller home.
Why you should act now
If you keep moving like you don’t see the divorce coming, you give your spouses time to hide or sell off assets. You also give yourself less time to develop the skills to live an independent life.
When it’s time to seek a divorce, understanding your financial rights can be difficult. An experienced Macon divorce attorney can help.