Divorce Financial Solutions And Problems To Avoid

There are a lot of legal issues requiring divorce financial solutions when you and your spouse decide to file and go your separate ways. You’ll have to go through dividing property in divorce and common financial problems during divorce, as well as tax complications.

Fortunately, some financial problems after divorce can be fixed, and this post can help guide you through. Keep reading to find out how.

Ask Yourself These Questions And Learn More About Financial Solutions In Divorce

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, though, you will have to agree on how to share custody of your children and financially support them with child support during divorce and after, until they are considered adults.

If you and your spouse cannot come to a peaceful agreement on this, you might have to get a court order to set up child support, and custody agreements are maintained by both parties. This is one of the divorce financial solutions to make things simpler for you.

Another thing to consider when going through a divorce is the possibility of alimony. This can be affected by state laws among other things.

2. How Will You Be Dividing Assets And Property In Divorce?

Property division involves separating marital assets and liabilities between spouses. 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 fairly divided between you.

When dividing assets it does not necessarily mean it will result in an even split. There are several factors that come into play when dividing property in divorce. These include debt, income, age, level of income, standard of living, and any real estate outside of your private dwelling. A judge, lawyer, or mediation hearing will often help a husband and wife decide how to divide the property that they have accumulated during their marriage.

If on the other hand, you are in a community property state, any property that you purchased or acquired during the marriage will be evenly split between you when you divide property during divorce. Any assets, or property like land or real estate that you owned before the marriage will not be split.

3. Do You Have Joint Bank Accounts To Divide?

If you have any joint bank accounts with your spouse, you will want to move on from these joint accounts after divorce. If you are married, you probably have at least a couple of joint accounts with your spouse. When divorcing, 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 you’re the joint accounts after divorce will be split between you and your former spouse. 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 During This Separation?

If you are getting divorced you need to take a look at your assets, especially if you have been saving money for retirement. Taking the time to review your benefits and retirement accounts in divorce, along with any life insurance policies to double-check that you have the proper beneficiary listed, is another important task to complete when you are going through a separation and divorce.

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 earned could be redirected toward your former spouse.

5. Do You Have A Legal 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 regarding 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 when you divide marital property.

Common Financial Problems During/After Divorce

The following are just some of the financial problems that one may experience in a divorce:

• Lawyer fees
• Filing paperwork
• Dividing assets and property
• Paying alimony
• Paying child support
• Losing an income
• No longer sharing expenses
• Moving fees

How A Payday Advance Can Help When You Separate

Regardless of the details of your situation, divorce is going to 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 after the division because of the court or lawyers fees for your separation agreement and divorce, or custody payments, 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 money that you need.

If you decide to apply for a South Carolina payday advance near you, the only required items that you’ll need to qualify 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 Loans In Divorce

There are plenty of legal problems that can come up during a divorce, but you can find divorce financial solutions for 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 with a quick cash advance.

Fill out a short online inquiry form on our website to learn more about how a payday loan during divorce or after can help! 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.