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Financial Tips to Consider when Getting Divorced

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If you are getting divorced, you may find yourself overwhelmed with the number of decisions you need to make. Often, during divorce, people make decisions with their heart and not their head. Below are a few money tips to consider as your divorce progresses.

Get a Copy of Your Credit Report

A credit report provides a roadmap to your credit history. It also serves at least two separate purposes in a divorce. It can let you know about joint accounts you may have forgotten about. Additionally, it identifies debt you share with your spouse. Discuss with an attorney how and when to remove your spouse’s name from any joint accounts. While you may be tempted to just close all joint accounts, this can have a negative impact on your credit score.

Consult with a Financial Planner

Many people insist a financial planner is too expensive. However, often people make uninformed decisions during a divorce, which can be even more costly. Without question, a person’s financial situation will change after the divorce. Figuring out what you can afford ahead of time provides you with priceless information when evaluating offers from the other side.

Don’t Keep the House without Careful Consideration

Keeping the house after a divorce can be a very expensive and ill-advised decision. When calculating the cost of keeping the home, one must consider both the fixed costs, like the mortgage payment, the insurance, and the taxes, as well as the unfixed costs, like maintenance, repairs, and upkeep. A financial planner can help realistically assess whether a person can afford to stay, or what they might need in order to be able to stay comfortably.

Consider Health Insurance Costs

Health insurance can be costly. Don’t forget to factor this cost in when evaluating how much you need to live on. While COBRA may be an option for the first 18 months, it is not always the best choice. Some people find more affordable solutions in their state health insurance exchange.

Create a Thorough Inventory

You need a complete inventory of your property prior to a divorce. This includes houses, boats, and cars, of course. It also includes art, jewelry, and antiques. However, don’t forget about the small things. Furniture, bedding, pots and pans all cost money to replace. Finally, in order to ensure a fair and equitable distribution of the property, don’t forget about items such as tools, fishing, hunting, or camping gear and the like. Your Cincinnati divorce attorney can achieve a more fair settlement if they know about all the family assets, even the ones you don’t want.
If you are considering divorce, contact Zachary D. Smith, LLC. Zachary Smith is a highly reputable and experienced divorce attorney in Cincinnati. Zachary Smith knows that each case is different, thus works with clients to find solutions that work best for them and their families. For further information or to schedule an appointment please contact Zachary D. Smith, LLC at 513.275.1164 or visit www.ZDSLaw.com to learn more

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