Divorce changes everything – your living arrangements, the amount of time you spend with your children and even your financial situation. Your Mississauga divorce lawyer will provide you with legal advice and encourage you to keep close tabs on your finances so you can protect yourself, your family and your assets during the divorce process.
While your Mississauga divorce lawyer can advise you to manage your finances carefully, he or she can’t do it for you. Creating a budget, keeping track of your expenditures and, in many cases, waiting to make large purchases are smart moves you can make during your divorce to set yourself up for success once your divorce has been finalized.
How to Manage Your Finances during Your Divorce
Divorce often results in loss of income, whether it’s because you’ve had to miss work or because you no longer receive money from your spouse. Additionally, credit card and utility payments can get lost in the shuffle, and you (or your spouse) may be confused on who pays for what during the proceedings. Your Mississauga divorce lawyer will be able to help you determine financial responsibility – but it’s up to you to keep track of your own money and where it goes.
As soon as you’ve spoken with a Mississauga divorce lawyer and are certain your marriage is over, it’s time to delve into your finances and make sure everything is in order. You’ll need to:
- Find out what you have (and what you don’t have). It’s important to get a clear picture of your financial situation as soon as possible. Check your bank balances, how much you owe on credit cards and see how much money you have tied up in investments; if you don’t know what you’re working with, you may run into serious financial problems.
- Discuss your financial responsibilities with your Mississauga divorce lawyer. Determine whether you’re responsible for mortgage or rent payments, car payments, or other pre-existing financial obligations. You’ll also need to consider new expenses, like payments to your Mississauga divorce lawyer and other incidentals that arise.
- Create a budget that works for you – and stick to it. Once you know how much money you have available, how much you need to spend and everything in between, you’ll need to draft a budget that allows you to meet your obligations. Discuss your situation with your Mississauga divorce lawyer, especially if you have difficulty meeting your obligations, because your spouse may be required to help you (especially when there are children involved in your case).
Keep Your Mississauga divorce lawyer in the Loop
Be sure to notify your Mississauga divorce lawyer when your financial situation changes, whether you get a new job, quit a job, or your spouse interferes with your finances. Your Mississauga divorce lawyer needs to know what’s going on with your financial situation so e or she can continue to provide you with the most accurate legal advice throughout the course of your case.