For some couples, divorce is inevitable, despite the multiple attempts to keep the family together, often including numerous counseling sessions. The breakup of a marriage is rarely easy, regardless of the reasoning behind it. Whatever the case may be, it is crucial for Tennessee residents to prepare all finances before an upcoming divorce.
The divorce process can be terrifying, especially when the topic of money is presented. Readying your finances beforehand can help lessen the potential mess. Begin by tracking income and monthly expenses along with any financial records. Knowing what is coming in and what is going out can help determine how assets and debts are divided.
Despite how amicable a divorce may seem, resistance and frustration can spur up at any time, especially when finances are involved. Regardless of the harsh feelings, thoughts of making any major financial changes should come to a screeching halt. Changes to your will, life insurance policy, retirement accounts or the like just before filing divorce could lead a judge to reward your spouse, whereas changes while proceedings are pending could lead to possible criminal contempt charges. An experienced attorney can help provide answers to many of the "what if" questions that may arise during the divorce process.
Divorce can feel like an emotional roller coaster at times. The sudden thought of having to prepare and sort through your finances can seem overwhelming. To help navigate through the divorce process, Tennessee residents are advised to seek the guidance of an experienced legal counsel. Don't lose control of your money; instead, take control of it.
Source: nerdwallet.com, "7 Ways to Ready Your Finances for Divorce", Elizabeth Renter, Accessed on Jan. 5, 2018