Divorce is rarely a simple process, as are many matters of the heart. It also has a lot of ramifications for both parties, mainly in the financial area. Once a couple decides to go ahead with the divorce, there are many things both parties need to do, such as dividing their assets and debts. Before you go ahead with your divorce, you need to be aware of what you can expect and what you will have to do.
Here are some of the most important things that you need to know about the financial ramifications of divorce:
1. Handle Your Banking Situation
Divorce can be a stressful time, but it can become even more stressful when dealing with financial situations. One of the things you need to do when dealing with your finances is handling your banking. You will have to inform your bank of your marital status and decide what you will do with joint accounts with both your names. You should review all of your accounts to ensure that they have been updated, as well as all bills that are in both parties’ names.
2. Let Your Loan Lenders Know
If you have any loans, you will have to let the lender know of your change in status. If you are still married as of the accounting period, you will have to sign a revised marital status statement for the next period.
You will also need to inform your lender about the monthly payments and whether or not the payments will be made from a joint account. If you are getting a loan from a bank, it might be a good idea to go ahead with a business loan rather than a personal loan. This will ensure that the divorce will not affect you financially.
3. Update Names on Your Documents
Something you will have to do when getting a divorce is to update your legal documents. You have to have a new version of your birth certificate, and you need to update the name on your passport. You will also need to update your driver’s license and medical records. Once you have changed your name, you will need to change it on as many of your accounts as possible.
4. Document All Finances During Divorce
It is crucial to document all finances during your divorce. A family law solicitor will help you with this process, but you need to document as much as possible. That way, you will have a good idea of what you and your spouse are entitled to.
You will also have a good idea of how much debt you and your spouse have in general. You will also want to document how much you pay each month for rent, utilities, food, and other necessary expenses.
Conclusion
You shouldn’t neglect the financial details of a divorce. When you do, you can end up in a horrible situation. This can be a stressful time, but with the proper planning, you can make the process easier for yourself and your family. Having a family law solicitor can be a massive help with the process, as they have the necessary experience in handling these situations.
Smoothen the process with the help of the best family lawyers in Queensland. Our lawyers will help guide you through the difficult situation and give you the necessary information to start planning your future. Contact us today, and set up a consultation!