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How to handle finances during a divorce

On Behalf of | Feb 5, 2025 | Family Law

Divorce can create financial challenges that require careful attention. Understanding how to manage your money during this difficult time can help reduce unnecessary stress and confusion.

Here are some ways to prepare for possible changes in your financial responsibilities and assets.

Assess your financial situation

Before you proceed with the divorce, gather and review all financial documents. This includes bank statements, tax returns, retirement accounts and property titles. Knowing your current financial standing can help you negotiate a fair settlement during divorce proceedings and prepare for the future.

Create a budget for your new life

Divorce can change your income and expenses significantly. It is important to set a realistic budget based on your new situation. Consider ongoing expenses such as housing, utilities, and child support as well as any changes in your income. A well-defined budget can help you stay on track and avoid financial strain.

Understand property division

Dividing assets and debts is a key part of divorce. Familiarize yourself with how assets such as your home, vehicles and retirement accounts might be split. In West Virginia, the Additionally, you will likely need to address what happens to your debts such as mortgages, credit cards and loans.

Consider child support and custody

If you have children, child support and child custody orders can greatly affect your finances. Court decisions will dictate the amount of child support you are required to pay or entitled to receive. Review your child support and custody agreement carefully and assess how they may impact your future financial situation. Note that different types of custody, such as joint or sole, come with varying responsibilities.

Seek professional help

If any aspects of the divorce process or property division are unclear, consider consulting with a legal professional. They can assist you in preparing for the division of property and in negotiating fair terms.

Managing finances during a divorce can be challenging, but making informed decisions can help you regain control. Seeking professional guidance can also provide valuable support as you transition into this new chapter of your life.

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