Dealing with Your Finances During Divorce

Ending a marriage could be a significantly traumatic and emotional experience. You might be feeling overwhelmed, anxious, and confused because of this massive change. This is especially true if your ex-spouse held the reigns of your finances, because moving forward, you will need to manage your own finances. The first thing you need to focus on is to safeguard your finances.

Here are some of the basic things you need to do:

• Conduct an inventory of your finances. Keep note of all your debts and assets, whether joint or not, so you have a clearer idea of your finances.

• Close all your joint bank accounts. Divorce attorneys in Townsville suggest contacting your bank to inform them about your situation and open your own bank account. Likewise, make sure that your ex-spouse can’t have access to your new account. In addition, if your pay is directly sent to your joint bank account, tell your bank to put your pay in your new account.

• If your home loan has a redraw facility, cancel it as soon as possible. Otherwise, you risk piling on more debt.

• Don’t forget to update utility bills and rental agreement. If the utility bills are in your name and you’re no longer living in that address, you would still be legally responsible for any unpaid bills. If your rental agreement has your name on it, you would likewise be legally liable for damage or unpaid rent caused by your ex-spouse.

• Communicate all your financial plans and issues with your divorce lawyer, especially if you have properties under joint names or properties under your ex-spouse’s name to reduce the risk of the properties being sold prior to you and your ex-spouse coming to a property settlement agreement.

While the emotional and financial burden that comes with divorce is difficult to handle, it’s important to make an effort to pull yourself together. Don’t hesitate to ask help from family and friends when you need it. If you’re unsure as to how to go about fixing your finances, begin with the tips mentioned above so you can plan for long-term financial issues.