How to Deal with Finances during Separation/ Divorce
Since having a divorce or being separate from your loved one can take a toll on your overall mental and physical well being, it can be overwhelming for one to deal with the financial aspects during this time. A person who is dealing with the divorce will also have to deal with the family, friends and children if one has any. He or she has to find ways to justify their decision in case they are planning to go ahead with it. During such time, handling finances is more than essential since both of you will e living separately working on your lives differently.
Divorce will not only impact your personal life, but it will affect your financial life as well. Therefore to reduce the impact of transition from a married life to an unmarried one, it you will have to start working from now. It is essential to start working on separating the finances right before applying for the divorce in the court of law. After sharing your decision with the spouse, you must discuss the situation with your lawyers from the family law firm to handle the finances well. The first step in this will be organizing all your finances, assets, taxes, loans and anything related to money apart from your partner or ex-partner.
You will have to stop depending on them for handling the finances and start taking things in your own hands. Being organized and focused on it will help you to have a secure future. Some of the things which you need to keep in mind while working on your finances are:
· Discuss with the lawyer: you will have to discuss it with the lawyer about the finances before taking any step. Freezing the joint account, division of property bought together, and taking any sort of legal action to prevent all kinds of property sales before the settlement are some of the things in which lawyer can guide you.
· Start new bank accounts: once you have made the decision, it is time to set up a new bank account in your own name. Do not share any password or details with your partner even though the divorce decision is not finalize. Deposit all your income to this account instead of the joint one.
· Work out loans: if you have taken house loans, car loans and any other such loans together, it is best to tackle them with help of the lawyer from family law firm. Otherwise you will be stuck with the loan repayment alone.
Discuss all the pros and cons of the financial situations with your lawyer to make sure that you are capable of handling them well. Moreover, you can also take help from property evaluation agency to assess the value of property before property settlement begins.
Sherilyn Jar is an expert writer having vast experience about the Law industry. Currently, she is writing on various topics related to Divorce like divorce law Singapore. For more information about divorce visit: http://www.singaporedivorcelawyer.com.sg/
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