Getting Divorced? Essential Financial Tips

As a family law attorney in Indiana, David R. Phillips spends much of his time providing guidance and counsel to those going through divorce proceedings. Over the years, he has noticed a trend: while many people focus on their soon-to-be ex-spouse’s finances, they don’t always spend enough time thinking about their own financial arrangements and needs.

To help alleviate these oversights, this blog looks at the key steps that you, or anyone going through a divorce in Indiana, should account for as they set out to finalize their separation or divorce. Every divorce is different, and you’ll want a qualified legal professional on your side but for the time being, here’s some essential tips to know when navigating a divorce in Indiana!

Set A Budget for Your Core Needs

This is critical for anyone that is soon to be divorced, especially when you’ve relied on a spouse’s income to make ends meet. Most people experience a decrease in income after a divorce, and the costs associated with the divorce itself rack up quickly. Take the time to figure out exactly how much you need to meet your basic needs every month, which will serve as a valuable starting point for your current and future finances.

Take Care of All Administrative Details

Now is the time to start gathering your documents! As any family law attorney will advise, you’re going to want copies of as many financial statements as you can collect. These documents are critical when it comes to division of assets, child custody arrangements, and more, Lacking the proper documentation or not being fully prepared with the correct information could end you up on the short end of the dispute.

Think About Your Long-Term Goals

It might be hard to think about the far future when you’re still deep in middle of your divorce process, but you need to look at the bigger picture. Where do you see yourself once the dust has settled and you have embarked on your new life? You need to let this question guide your next moves, whether you’re wanting to pay off debt, are considering a career change, or are maybe even playing with the idea of going back to school.

It’s impossible for a blog post as brief as this one to account for the variety of situations out there, and no divorce ever plays out the same. If you want more guided assistance tailored to your specific situation, remember that seasoned family law attorney David R. Phillips is just a phone call away. Call today to learn more about how he can help you with your family law matters in Indiana, and to schedule a free initial consultation.