Ending a marriage requires a lot of looking to the past — dividing property, arranging custody and determining support requirements to equalize both parties as much as possible. However, Louisiana residents must prioritize future needs as well. The best time to plan for one’s financial future is before the divorce process is finalized, or soon thereafter.
Tasks such as separating joint accounts and putting assets divided in the divorce in each party’s individual name need to be addressed as the process winds down. It makes sense to create a preliminary budget at the start of the divorce. More than likely, that budget will require some revision as the process evolves.
Sorting out the financial futures of each party requires planning and consideration. It might be necessary to bring in a financial adviser to help do that now that the income and assets of the marriage will be used to support separate households, at least for a time. Many people say that divorce ruins their credit and financial lives, and changes will need to happen; however, the situation does not need to lead to financial distress.
Even though the Louisiana divorce process is about ending a marriage, it is also about creating a financial future with which each party can live. Help is available not only with the legal aspects of a divorce, but also with the practical aspects as well. Attempting to go through a divorce alone in order to save money could end up backfiring and make matters worse. It would be beneficial to seek the advice and guidance of an attorney who regularly practices in family law.
Source: 13newsnow.com, “9 things you should do after a divorce to save your finances”, Janet Berry-Johnson, Jan. 19, 2017