Women in the Spokane area who are contemplating divorce, or who have been served with divorce papers, understand that divorce can affect all areas of your life. Not only does the dissolution of a marriage leave its mark emotionally and financially, it can alter family dynamics and the life you have become accustomed.
Divorce can bring many changes you may have no control over, however, there are very critical and simple steps you can take to regain control of your future and your happiness. For many women, finances are a significant and critical consideration. Finances are exceptionally important while going through a divorce because the decisions you make now will have an effect on your future.
While the idea of being ready for a divorce may seem ghoulish, financially speaking, it can make a giant difference in the long run. Having access to money during a divorce can be especially critical when hiring an attorney or financial advisor. This may mean having a separate bank account, or a personal credit card from which you can use during the dissolution proceedings.
Additionally, it is a good idea to understand what you own and make a list of your assets, when you acquired them, and if it was in conjunction with your spouse. Your attorney can help you to distinguish the difference between your assets and categorize them as either separate or marital property. Washington is a community property state, so all assets and property, as well as debts that have been acquired during the marriage, will be split in half.
The changes that will accompany your divorce may be difficult to foresee, but it is important to remember that there is a lot you can control. Financial planning and being prepared for your divorce can greatly impact both your financial future and long term happiness.
Source: Forbes, "Three Types of Financial Mistakes Divorcing Women Make (And How to Avoid Them)," Jeff Landers, Nov. 27, 2012