Divorce Financial Solutions and Problems to Avoid
There are a lot of issues requiring divorce financial solutions when you and your spouse decide to go separate ways in life. You’ll have to go through dividing property and common debt as well as think about the tax implications of your divorce. Fortunately, most of these issues can be fixed, and in this post, we’re going to tell you how.
Ask Yourself These Questions And Learn Divorce Financial Solutions
1. Are There Any Kids Involved?
One of the most common problems that can complicate any divorce situation is whether or not there are kids involved. It is certainly still possible to resolve things amicably but if you and your partner have kids, you will have to come to an agreement on how to share custody of your children and financially support them until they are adults.
If you and your spouse cannot come to a peaceful agreement on this, you might have to get a court order to make sure that the child support and custody agreements are maintained by both parties. This is one of the divorce financial solutions to make things simpler for you.
2. How Are You Dividing Your Property?
The way that you and your spouse divide your property depends on the state that you live in. Most states are considered equitable distribution states, but some are community distribution states. If you live in an equitable distribution state, this means that you and your spouse’s property will be divided between you in a fair manner.
It does not necessarily mean that this will result in an even split, however. There are several factors that come into play when deciding how this will be divided. These include your debts, income, age, level of income, and standard of living.
If on the other hand, you are in a community property state, any property that you purchased or acquired during the course of the marriage will be evenly split between you. Any property or assets that you owned before the marriage will not be split.
3. Do You Have Joint Bank Accounts?
If you have any joint bank accounts with your spouse, you will want to move on from these while you are getting divorced. If you are married, you probably have at least a couple of joint accounts with your spouse. If you are divorcing, however, creating new bank accounts for yourself should be one of the first things that you do.
From now on, these new accounts should be the ones that you use, because your old ones will be split between you and your former spouse. In order to get these new accounts started, you might have to redirect any relevant direct deposit information, such as your paychecks or any automatic bills that you owe.
4. Have You Looked At Your Retirement Portfolio?
If you are getting divorced you need to take a look at your assets, especially if you have been saving money for retirement. You should examine any life insurance policies that you might have taken out and double-check that you are the proper beneficiary.
If your former spouse is still listed as the beneficiary, you should change this as soon as you can to someone else. This can be your children, a family member, or another person entirely. If you are close to retirement, it might be a good idea to wait until the divorce is finalized to retire. If you retire before your divorce is finalized, your retirement accounts including your 401(k) that you have worked so hard to build could be redirected towards your former spouse.
5. Do You Have A Prenup Signed?
Did you sign a prenup before you got married? This will be an important part of your divorce financial solutions and how problems are resolved. If you signed a prenup, this would override local and state laws in regard to how you divide your finances between you and your spouse. Generally speaking, when you sign a prenup you get to keep everything that was yours and your spouse keeps everything that was theirs. This is one of the divorce financial solutions that can make things easier for you.
How A Payday Advance Can Help
Regardless of the details of your individual situation, divorce is going to significantly change your financial situation. You might be better off after the divorce, but you might also be worse off. If you find yourself unable to pay for an urgent expense because you are focusing on the divorce, you do not need to panic.
There are options out there to consider and one of those options is getting help in the form of a payday advance from Carolina Payday Loans, Inc. This is one way to tide you over until your next paycheck with the cash that you need.
If you decide to apply for a South Carolina payday advance near you, the only things that you’ll need are:
- Your driver’s license or another valid form of government-issued ID
- A blank check from an active checking account in your name
- Your most recent paystub to prove your income level and ability to repay the loan
Contact Us Today To Learn More About Payday Advance
There are a lot of problems that can come up during a divorce, but you can find divorce financial solutions to most of these problems with careful planning. And if you feel like handling finances is getting difficult due to emergency expenses that have suddenly popped up, Carolina Payday Loans, Inc. has your back covered. Fill out a short online form on our website to learn more about how a South Carolina payday loan can help you today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.