Financial Steps to Take During Divorce

You’re no longer living in bliss, and it’s become clear that the time has come to make a drastic change. If you’re considering a divorce, there is more involved than just packing a bag and moving somewhere else.

Most couples have integrated their assets and finances to a point that separating them is both complicated and painful. If you’re thinking about getting a divorce, here are some key financial steps that you’ll want to take to take to protect your financial future.

Get organized

As soon as you think you may be getting a divorce, start collecting copies of important financial documents. If you don’t do this now, they may become difficult to find or access at a later date. You’ll want copies of bank statements, tax returns, credit card statements, and retirement account statements to start.

Establish your own accounts

According to the Consumer Financial Protection Bureau, when you have a joint account, each person on the account is responsible for the full balance. Therefore, divorcing couples should separate bank and credit card accounts as soon as possible to eliminate the possibility of one party transferring all funds into an individual account or running up a credit balance. Even if a spouse is listed as an authorized user on a bank account, remove them unless you are using that account for agreed joint expenses.

Create a budget

In most cases, it costs more to live alone than it does to live as a couple. Regardless, your monthly income and expenses are going to change, and some adjustments must be made. Create a detailed budget for your new life so you know what your situation will be going forward.

Avoid major financial decisions

While your life will likely be nothing but changes for the foreseeable future, try not making any financial decisions that could have long-term ramifications. When divorcing, it’s best to wait at least six months before buying a new home, moving across the country, or selling a business.

Line up your experts

No matter how you think you feel about your divorce, emotions can often rule important decisions. This is why many experts recommend that you have a team of advisors lined up that can help with these important choices. Consult a financial advisor about your accounts and estate planning. Meet with an accountant to ensure that you are paying the proper amount of taxes. Finally, be sure that you have a lawyer who will protect your rights and your assets as you move forward.

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Mack

I would give them 10 stars if I could. Clay was professional and super organized. He took the time to explain everything. I would highly recommend him for any family law needed. Melanie was a godsend. She not only kept me continually informed of the progress, she sent texts of encouragement and support throughout the entire process. I would give her 100 stars for going above and beyond to make this experience less stressful. Her encouragement and genuine caring were comforting and calming. The entire staff at Brown Law are on your side and if you are lucky enough to get Clay and Melanie on your team you will not be disappointed. Thanks! Mack M.

Response from the owner:Wow, thank you so much. Melanie is great. Glad she helped you so well.

Alex Rogers

Nathaniel was an incredible partner throughout the divorce process. He was organized, responsive and respectful of my wishes while simultaneously giving me guidance and advice. I would recommend him to anyone.

Christie Cisneros

I couldn’t have made it through my divorce without Clay and his team! I am forever thankful for the hours and time spent with me to help navigate an extremely difficult time in life. They’re reliable, knowledgeable, and know how to get things moving in an efficient manner. Nothing but good to say here!!

Halie Bates

Working with Daniel Young at Brown Family Law was a truly positive experience during one of the most difficult times of my life. From the start, Daniel was knowledgeable, compassionate, and incredibly responsive.
If you need a family law attorney who combines expertise with empathy, I cannot recommend Daniel Young enough. He is a true advocate and a credit to Brown Family Law.

Jessica Lance

Nathaniel and Carren have been absolutely incredible to work with. They kept me informed and in the loop throughout each step of the process. They always answered every question I had in a very quick and timely manner. I could not recommend them more.

Amy Christensen

This 5-star review is for Nathaniel Garrabrandt at Brown Family Law. Nathaniel was just what we needed. He helped guide us with a level of professionalism, efficiency, and genuine care that made a real difference during a challenging time. He is always thoughtful and respectful, and he never makes you feel like just another case. His communication was clear (with regular check-ins), his advice was solid and uncomplicated, and I always felt that he had his client's best interest at heart as he made suggestions. I’m grateful to have had such a capable and compassionate attorney to work with. You hope you never need these kind of services, but when you do, you want the best... and someone with high integrity. Nathaniel truly deserves all 5 of these stars, in every way.

Kenzie Murphy

Russell Yauney was my attorney at Brown Family Law. Throughout the process, Russell and his paralegal Conor, were extremely helpful and patient. They were highly responsive, thorough, and most importantly: did not make me feel insignificant or embarrassed for asking clarifying questions. Russell made himself available and whenever he wasn't, Conor was. The Friday Phone Calls were reliable and I knew I could expect an update each week. The firm's texting abilities also made it easy to send a quick question/concern if I ever needed it. Russell was a fantastic attorney and guide to have throughout my situation. I highly recommend this firm.