Dollars From Sense

– Save Money, Live Your Ultimate Life

Protecting Your Finances During Divorce

If you’re going through a divorce you know the emotional upheaval it can cause. Divorce is never easy and one of the major things it can do is destroy your finances. You want to prevent this from happening at all costs. 

There are some major things that you can do to protect your finances to make sure that your money doesn’t go completely down the drain while you are battling through a divorce. Here’s what you should know to keep your finances safe.

Know What You Have

One of the most important things you can do is know how much money you actually have. If you don’t have a clear idea or things seem a bit foggy, you need to take the time to carefully look at what you truly have for yourself. 

You must know what you are working with. If you don’t know then this can make it harder for you to craft a plan to keep your finances in check.

Don’t Be Sneaky

If you’re going through a bitter divorce it can be tempting to hide some of your cash away. This is never a good idea as it will work against you in the end. 

These things usually come out and then it will affect the overall settlement of your divorce. If you’re thought to be sneaky and there’s evidence to prove it, it may end up costing you more than what you get away with. 

Always be transparent but talk to your family lawyer about your options so that you don’t leave your back exposed.

Have Your Emergency Fund Ready

It’s a great idea for you to have an emergency fund ready that you can rely on should anything go wrong with the finances you may have combined with your spouse. 

Having something put away for a rainy day is often the only way that many people survive brutal divorces where their finances are put through a thunderstorm.

You can start by doing this slowly. Maybe you don’t have a lot to put away at once but by putting away a few dollars every month or every week you’ll find that it adds up over time. Divorces can drag on for a long time especially if there are kids involved. 

With so many issues that need to be ironed out it can cost a lot of money over time. Make sure that you are prepared for all the storms by having that emergency rainy day fund. It can be the only barrier between you and homelessness.

It’s important that you always try to keep ahead of your finances when you are going through a divorce. It’s not always easy but it’s very possible and it’s not something that you should skimp on. You need to make sure that at the end of it, you are not left with empty pockets. On top of the trauma of divorce having financial problems can take you over the edge. So make preparations so that this doesn’t happen to you.