Important Tips for Your Financial Independence After Divorce

Separation Financial Advice

Divorce is an emotional time filled with lots of emotions, doubts, and questions. But before you begin with divorce process it is important that you should separate your emotions in legal and financial matters. Obviously, you are not a “gold digger” and want financial stability for yourself and your kids. Being women you must fight this situation confidently otherwise, a small mistake can lead to negative impacts on your whole life.

Here we have listed few steps that help in gaining financial independence for divorce women.

  1. Take stock of your financial condition

It means that you should make a list of all the current assets and liabilities that includes credit card bills, mortgage statements, bank account information, etc. At the time of divorce, you must have all the details of your financial situation therefore keep the copies of all the documents with you at a secure place.

2. Develop financial plan for future goals

It is very important that you should determine your need on different factors so that you can demand for alimony and child support payments. Plan that you can answer the questions like:-

  • Who will take the primary custody of the kids?
  • Do you wish to remain stay in the present house?
  • Who will pay for children education and expenses?
  • If in case the house is sold then how it will be divided?
  • Tax consequences of different divorce settlement scenario

All these questions will help you in determining your alimony request.

3. Separate your joint finances

If you have any joint account with your spouse then withdraw half of the funds from it and place it into a new account with your name in a different bank. You should do the same thing with mutual funds, credit cards, stocks and other financial instruments which are registered in both of your names. If you are facing any issues then you can take separation financial advice from the reputed financial advisor.

4. Asses your husband’s income

Most of the men try to hide their income to negotiate on alimony and child support. Therefore, you need to access your ex-husband income source apart from his salary like a yearly bonus, part-time work, etc.

5. Don’t get influenced by your ex-husband

It is possible that your spouse tries to convince you on some financial matters where you don’t have any much knowledge. In such situation, instead of taking any wrong step you should seek the advice from a financial advisor who can help you to get out of this situation.

All these steps are beneficial for getting financial independence after divorce. If you find these things overwhelming then take the help of financial expert’s for getting right separation financial advice. The financial advisors are having great expertise in handling divorce financial matters and legal affairs.