How to Stay Afloat Financially During Your Mississippi Divorce

For most people, the financial changes that occur during a divorce are difficult to navigate. It is not uncommon for divorcing parties to pick up a second job, or to do other things that they never imagined doing, just to make ends meet. While settling the divorce and distributing the assets may help the parties somewhat in the financial department, they are each ultimately responsible for figuring out how they will make it on their own. There are specific things that you can do to help yourself maintain financial stability throughout the divorce process and use your financial stability to move forward from your divorce with confidence that you can afford all of what you need, and even some of what you want.

Dealing with debts is an essential element of divorce. If debt was a problem during your marriage, you can reduce the likelihood that debt will be a problem for you in the future by not incurring any new debt. Also, try to pay off some of your old debts. Even though you would like to think that having your soon to be former spouse accept responsibility for some or all of those debts as part of the property settlement will solve your financial woes, it could actually make things worse. If your spouse accepts or is assigned responsibility for one or more debts as part of your property settlement or order and they fail to pay it, the creditor can still try to collect payment from you. This can damage your credit. If you pay off some debts before the divorce, they are gone for good and cannot come back to haunt you.

One of the trickiest aspects of finance associated with divorce is going from one household into two. As you make your move, try to find as many ways to save money as you can. If you need to rent an apartment, don’t just grab the first place that you see. Make a list of what you need as far as location, size, amenities, and other things that are important to you. Once you have your list, shop around and visit at least three or four places before you make your decision. When purchasing services like cell phone, internet, and utilities, lighten your financial load by selecting only the products and services that fit your current needs.

If your spouse drafts a property settlement and sends it to you, go over it carefully with your attorney before you decide whether or not to agree to it. Make sure that you fully understand both the present and future costs of accepting the settlement offer, including all tax savings or liabilities that would be associated with dividing the property as proposed. If a settlement looks good to you, you may be able to avoid the expense of costly divorce litigation by accepting it.

While smart money management may help you to get through the lean times that often accompany a divorce, it is essential that you retain an experienced Mississippi Divorce Attorney to help you pursue a favorable outcome in your case. Money that you spend on a knowledgeable attorney is money well spent to help ensure that you get what you need out of your Mississippi divorce. To learn more about how Jackson area divorce attorney Matthew S. Poole can help you, call our office today, at (601) 573-7429 to schedule your free initial consultation.

 

 

 

Summary
Article Name
How to Stay Afloat Financially During Your Mississippi Divorce
Description
Mississippi Divorce Attorney discusses financial tips for staying afloat during a Mississippi divorce case.

Tags: