Legally separating from a spouse – or preparing to file for divorce – can be as emotionally chaotic as it may be financially stressful. While there may be a number of things you can do to overcome the emotional stress of divorce, the following provides some helpful answers about what can be done to minimize financial stresses as you file for and move through the process of divorce (or legal separation).

Whenever you are ready for additional answers – and specific advice related to your circumstances, simply contact a Denver divorce attorney at Katherine Grier, P.C.

Q: What can I do to ensure I’m financially stable as I proceed to file for divorce or legal separation?

A: One helpful thing to do is to make a new budget for yourself. Figure out how much your monthly income (and financial resources) will be reduced – and whether you will be paying for more (or additional) bills – once you and your partner split.

Managing Money in Divorce (or a Legal Separation): FAQs

Managing Money in Divorce (or a Legal Separation): FAQs

Some budgetary factors to consider include (and are by no means limited to):

  • Living costs, like whether you’ll have to cover a new rent payment (or the entire mortgage payment), as well as utilities, on your own have a new rent or a mortgage to make payment on.
  • Divorce expenses, such as court filing fees (to initiate a divorce case or file subsequent petitions/motions)
  • Luxury expenses, which may include the costs of nonessential items (like dining out, being a member of a gym or spa, etc.) – These costs may be a place where you can cut back if your income drops and/or expenses spike when you and your partner separate.

Additional steps you can take to financially protect yourself as you move forward include (and are not limited to) the following:

  • Close joint lines of credit as soon as possible – This can prevent an ex from running up excessive charges (or maxing out these lines of credits) in an attempt to try to limit or drain your financial resources at any point in the future.
  • Set up a checking account, as well as lines of credit, in your name only.
  • Consider setting up a P.O. Box (or having your personal mail go to some discreet location) if you don’t want your ex to see certain correspondence (like mail from banks, a lawyer, etc.).

Q: Is there anything I can do to reduce the costs (& duration) of the divorce (or legal separation) process?

A: In all likelihood, yes, there are probably things you can do to facilitate the divorce process and, in doing so, reduce your divorce costs. Some options include:

  • Taking the time to gather the documents related to your marital property, joint assets, etc. before you file for divorce and/or meet with a lawyer.
  • If possible, talk to your partner/ex about the issues of your divorce (or legal separation) and try to work them out ahead of time – Please note that this is not advisable when domestic violence is an issue in the divorce.
  • Retain a lawyer ASAP – An attorney can help you determine the other plans and steps that need to be made in order to protect your interests as you proceed.

 

Q: What about joint debt? Is there anything I can do to deal with that prior to divorce?

A: If possible, work with your partner to pay off your joint debt prior to divorce. Joint debt is considered to be part of the marital property and, as such, will be divided up in the divorce; if, however, you don’t have any joint debt, the property division process may proceed more smoothly and quickly.

Of course, it may not always be possible to pay off joint debt prior to divorce (and it is certainly not advisable if paying of this debt will leave you without enough financials to retain a divorce lawyer and/or support yourself as you move forward with the divorce or legal separation process). In these situations, contacting a lawyer can be essential to figuring out your best moves for dealing with joint debt in divorce.

 

Get More Answers Now: Contact a Denver Divorce Attorney at Katherine Grier, P.C.

If you need more answers about what you can do to plan for (or resolve) your divorce in Colorado, contact the Denver Divorce Attorney at Katherine Grier, P.C. Since 1999, our attorney and her dedicated staff have been helping people protect their rights and interests in divorce while working diligently to bring their family legal issues to the best possible resolutions.

Call us today at (303) 539-5435 or send us an email via the contact form on this page to find out more about your options and how we can serve you.

From offices in Denver, we represent people through the Denver metro area and the state of Colorado.