Managing Your Finances During Divorce

JACKSON, Mississippi. If you’re going through a divorce in Jackson and the surrounding areas, it is important to seek the advice of a qualified divorce lawyer. Malouf & Malouf are divorce attorneys who work closely with clients to help them get the best possible resolution for their case. Divorce is an emotional decision, but it is also important to remember that it is a financial and legal one as well. How can you make it through your divorce financially intact? First, avoid posting about your divorce on social media. In fact, you might want to avoid social media during your divorce altogether. Why? Anything you say on social media could be potentially used against you during your divorce case. If you have photos where you are dating or going on vacations, those photos can potentially be used to claim that you are dissipating assets. Next, according to USA Today, you’ll want to close joint accounts. Any credit cards your spouse has in your name can go on your credit report and you could be held financially liable for any debts your spouse takes out on those cards. Take steps to untangle yourself financially from your ex. While separating accounts, it might also be wise to create a budget for both your households. Paying for two separate homes, plus child support, plus additional childcare, can increase your expenses. In addition to separating your assets, after you get divorced, both you and your spouse will need to have your own health insurance plans. If you each get health insurance through your jobs, then you should be fine, but if one partner relies on the other for health insurance, you may want to work out how health insurance will be covered. Sometimes one spouse covers this through alimony, or the uninsured spouse is given time to find a job where health insurance is provided. When it comes to making decisions about health insurance, it is also wise to discuss how the children will be covered. Before you file for divorce, you may also want to gather important documents. Fidelity recommends that you make copies of tax returns, car registrations, and insurance policies. It can’t hurt to speak to a financial planner or a divorce lawyer before you give your ex the paperwork. After you get divorced, you’ll also need to update your information. If you took your husband’s name in marriage, you’ll need to decide whether you want to keep or change your name. You’ll need to update beneficiaries on retirement accounts and update your wills and powers of attorney as well especially if your ex is named on these documents. Finally, divorce can impact your credit, especially if you had to close accounts. Establish good credit, make it a habit to pay your bills on time, and speak to a financial advisor, if possible. Divorce can be overwhelming, but you don’t need to navigate the financial and legal challenges alone. Visit the divorce lawyers at Malouf & Malouf in Jackson and the surrounding areas today to learn more.   Malouf & Malouf, PLLC 501 E Capitol St. Jackson, MS 39201 Phone Number: (601) 522-2222