Divorce and separations leave deep emotional and financial holes to the affected people. Under normal circumstances, you would get always advised to try and fight for your marriage and avoid separations as much as possible. Apart from the emotional hurting from the heartbreak, there is the aspect of going through the courts with the help of attorneys. You would not want to process your way throughout of a disturbed marriage only to end up broke and completely bankrupt. There are a few simple ways that one could follow to keep their finances safe during this hard time.
1. Make Sure All Your Cash Is Secure
As trouble starts to show in the relationship and you feel that it might lead into a separation, you would want to secure your accounts to make sure in case the separation goes through; you would remain with some cash on your end. Cancel credit cards to your accounts that your partner could have access, for joint accounts, you might talk to your bank to advise on the same. This is because you would need some cash to settle in case you needed to move out for rent, electricity bills, telephone and even the internet. Redirect all your income for a few months to your separate accounts to be sure of your financial stability.
2. Discuss How To Deal With The Fixed Costs
Most households share the burden of fixed costs for their homes by some ratio depending on their agreement or income. Some of these include mortgage, electricity, water and internet bills. After the separation, your partner might refuse to pay their instalments hence leading to defaulting. The problem is that these defaults would end up affecting both parties with their credit worth for the future you might decide to get some financial support from companies like Strategic Financial Solutions during this hard time as you plan further. Make a point of discussing these costs with the help of lawyers and agree on their repayments.
3. Rethink All Expenses On The Children
These include school fees, daycare fees and all activities involving your children. These expenses might also get so high depending on the terms of separation you might have agreed upon. Both parties need to discuss these expenses in the presence of lawyers to make sure one side isn’t pressed too hard. Notify the school and all relevant institutions about the separation so that they would also know how to deal with the payments as they would be dealing with two different parties as compared to previous times.
4. Rethink Your Incomes And Expenses
As a measure to cab you from running bankrupt after the separation, accept the new situation and try increase on your earnings and avoid too much spending. You need to seek financial advice so you can learn if you would be okay comparing your earnings with your expenditures. At times, you might need to get extra jobs or work extra hours if your partner used to cater for more of the expense when you were married. This might get you a little more worn out compared to your previous schedule but soon or later; you would get used to the situation.
As much as your counselors might try and save your marriage; sometimes it might get past their capability to save and hence advise you to both move on with your lives. You might also be working towards saving your marriage, but your partner, on the other hand, has already started the divorce process. In this case, do not also hesitate, so it doesn’t hit you by surprise when least expected. You should immediately start preparing emotionally and financially for separation and maybe a divorce.