The breakup of a marriage is life-changing. As painful as divorce is emotionally, it can be even more challenging financially. Although it may be difficult to think about money at a time like this, those heading for a divorce in Colorado should understand that this life event will bring about significant financial changes. Here are some smart financial moves to make before a divorce.
Track income and expenses
As soon as divorce becomes inevitable and if you haven’t done so already, begin tracking household expenses and income. For expenses, be sure to include transportation, child care, food, clothing, entertainment and home maintenance. This will help with building a post-divorce budget and may also play a role if the court determines how assets and debts are to be divided.
Avoid making big financial decisions
It may seem like a good idea to get a head start on tasks like adjusting insurance beneficiaries, but it is best to refrain from making major financial decisions before a divorce. Most of the big financial changes will be sorted out in the divorce proceedings. Making such major changes before the divorce could be viewed by the court as an attempt to gain an unfair advantage in the proceedings.
Don’t take advice from everyone
There is no one-size-fits-all solution when it comes to ending a marriage. Whether it’s tips from an article online or guidance from a friend, be wary of advice since divorce laws vary from state to state. Those in Colorado who have questions or are unsure what moves they need to make to prepare for divorce may want to consult with a licensed legal professional. An experienced family law attorney can work toward obtaining the best results possible while helping clients safeguard their financial future.