Whether a couple is going through a divorce or opting for a legal separation, finances are always an issue to be dealt with. Getting a clear picture of your financial situation, and then figuring out how to budget for the legal work and the change in living expenses is critical.
In this article we are sharing the experience of one of our clients regarding finances and budgeting when she decided to go through the process of legal separation from her husband.
What were your financial circumstances when you decided to separate – did both you and your spouse have separate incomes?
I was working full time; he was only working part time and not strongly looking for another position. I had the bulk of the financial responsibility. We had been married almost 20 years, but it was time to go our separate ways. I didn’t want to divorce him because I wanted him to still be eligible for medical benefits on my insurance. So I decided on a legal separation.
Did you put money aside before definitely deciding on the separation?
A little, but not very much. It was hard to save money because of the financial strain he was putting on me, but I worked hard to put money aside because the separation was important to me.
Did you consider hiring a lawyer?
I investigated that – some friends had referred me to some lawyers. But at the $300 per hour they charged, I knew it was impossible for me to afford to hire one.
How did you learn about Divorce With Dignity (www.dwdignity.com)?
A friend recommended it. They had used the service for their divorce and were very pleased with how it came out.
Did your Divorce With Dignity provider help you with budgetary matters?
She met with both me and my spouse and helped us to draft the marital settlement for the separation, which of course involved some financial issues. I also appreciated that she was very patient with me and allowed me to make payments as we went along instead of asking for all the money up front.
Did she refer you to any financial support professionals?
She recommended a few, but I didn’t go at the time because I felt confident since I was basically paying for everything as it was and was doing it ok. I knew I could handle it on my own. Eventually, though, I did meet with a financial planner just to make sure I was on the right track, and found out I wasn’t as bad off as I thought I was.
Do you have any financial / budgeting advice for someone who is considering separation or divorce?
Put away as much money as you can as soon as you can.
If you are working, separate your financial accounts and close any joint credit cards or have your name removed from them. Otherwise your spouse can steal you blind. When I made the decision to separate, I immediately separated our accounts. I left him the joint account and opened a new one for myself only. I also recommend that you remove all checkbooks and credit cards from the house. I gathered mine and stored them in a secure place at work, but apparently I missed one. He found it and ran up a $2,000 bill.
Our Divorce With Dignity Network providers understand that each divorce or legal separation is unique and the finances and budgeting involved can be complex. We are here to help you work through this process, providing referrals to financial support professionals if needed. Our goal is to help you achieve an amicable divorce or legal separation that is affordable. Visit us at findaprovider.dwdignity.com to find a Divorce With Dignity provider in your area.
The author of this blog is not an attorney and the information contained in these blogs should not be considered legal advice. The information provided here is based on the experience of the author and some of her clients whose actual names are not mentioned. Do not hesitate to seek the advice of an attorney if you have any legal questions
