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09-Oct-2017 12:38

In her practice, she advises those considering divorce to buy big items before filing. Keep Track of Your Spouse’s Money If you’re thinking of filing for divorce or legal separation, it’s a good idea to take a look at your spouse’s financial situation.According to Narris, spouses should start by tracking the partner’s new credit card and loan applications.If you want to keep your divorce details behind closed doors while cutting costs, a mediator might be the best bet for both you and your bank account. Know What Is Your Biggest Asset According to Narris, many people mistakenly believe that their house is their biggest asset when it is actually a retirement or pension account.Even if your retirement account is less than robust now, the court will likely consider its future value when dividing assets.“Even if you receive support, the courts can impute income and expect you to be working if your kids are school aged and you are not of retirement age or disabled,” said Narris, who cautioned against “depend[ing] too much on a hopeful spousal support award.” Updating your education now can help protect you later if things don’t go your way in court. Familiarize Yourself With Your Finances Before You Split Normally, one person in a household manages the finances.However, this arrangement can create a “power imbalance when it comes time to negotiate settlements,” according to Narris. Seek professional help to guide you in making more informed decisions about finances being filing for divorce.“Asking your lawyer to write a letter to your ex over who gets the coffee table book is kind of nonsensical,” said Brendan Lyle, a former divorce attorney and CEO at BBL Churchill, a divorce finance firm.

“Most states issue automatic financial restraining orders prohibiting people from making big purchases or liquidating assets after the divorce is filed, absent a court order or an agreement,” said Narris.

Doing this will help you come out swinging when you get your day in court. Consider Mediating Your Divorce It’s no secret that divorce can be expensive.



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