The Koblin Family Law Center

Taking control of finances is often job 1 in divorce

Significant life events come along every once in a while. A lot of professionals offer the advice that any time one does come along, it should trigger action to make sure that the financial underpinnings of your life are properly maintained.

The last thing you need in the face of a life-changing event is to be unsure of where your next farthing may come from. This may be particularly true in the event of a divorce. One thing you can be certain of is that there is going to be a cost associated with the separation of your joint lives into two. Where children are in the picture, the issue of child support becomes a matter for cash-flow assessment.

The watchword that may be most appropriate in the context of assuring financial wellbeing through divorce may well be anticipation, and here are some thoughts from Credit.com about steps that might be helpful.

  1. Be proactive about separating finances. Once the decision to divorce has been made, it is time to create separate buckets for each spouse. Even if reconciliation remains a hope, it's better to avoid financial surprises by closing any jointly held accounts or lines of credit as soon as possible. It's not a bad idea to monitor your personal credit after separation to avoid the possibility of identity theft by your expected ex.
  2. Get educated. It may be that during your marriage, one or the other of you handled the money. Maybe you split the duties. Whatever the dynamic may have been, you need to take responsibility for all of your personal financial issues yourself now. Take action to discover what you may not know. Getting a high-level view of all debts and assets not only sets you up to take the reins, but it may be crucial to ensuring that debts and assets are subject to equitable division.
  3. Avoid being blinded by emotion. Divorce is emotionally trying. If you let emotions drive your actions it can result in higher anxiety and greater costs. Stay focused on stability and experts say you are more likely to make it through the hard times.

Source: Credit.com, "How to Protect Your Finances in a Divorce," AJ Smith, March 31, 2014 

No Comments

Leave a comment
Comment Information

What Our Clients
Say About Us

View More Testimonials
  • “Kennedy helped me with my legal issue and was just amazing throughout the whole process. He was always available to explain everything to me and really put my mind at ease. I am not an easy person to work with and Kennedy really helped me calm down and guided me through my issue. I could not have obtained the result I did without Kennedy's expert assistance. His command of the law is truly impressive. —” Jeff
  • "Even though Kennedy looks like a 17 year old, he is impressive in his knowledge of law, his intuition of the case and his strategies for settlement. He seems equally capable and comfortable in the courtroom or at the settlement table. He helped me weigh the facts, consider the emotions and evaluate the cost of my case. He leans toward the collaborative style of divorce and I believe wants the best for his clients. In partnership with Cristin Lowe, they make an impressive team. — "William
  • “Kennedy also helped me relax as much as possible. The emotional cost in such cases is extremely high. Kennedy would help manage this and understood the struggle I faced. He acted with great professionalism and with compassion to help me work through the case...” Robert

We Can Resolve Your Legal Issue Arrange Your Consultation Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
5700 Stoneridge Mall Road Suite 230 Pleasanton, CA 94588

The Koblin Family Law Center
5700 Stoneridge Mall Road, Suite 230
Pleasanton, CA 94588

Phone: 925-298-2961
Fax: 925-203-9797
Pleasanton Law Office Map